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A Nice Surprise about Your 2023 Medicare Part B Premium - Crossroads Today

In these days of higher prices for just about everything, those enrolled in Medicare are in for a nice surprise starting in 2023. Although Medicare Part A (for in-patient hospitalization services) is free to most, there is always a premium for Medicare Part B (coverage for outpatient services), and that premium is decreasing in 2023. The Part B premium for 2022 is $170.10 per month but, for 2023, Part B will only set you back $164.90 – a difference of $5.20 per month. Maybe not a huge deal money-wise, but certainly good news in the face of historically high inflation when every dollar counts. And it also means that everyone will get the full 8.7% COLA increase which starts in January. Trouble is, chances are that the Part B premium will be higher again next year because it’s based on how much the Federal Medicare program is projected to cost, and continued inflation will cause healthcare costs to go up. In reality, the decrease in the 2023 Part B premium is somewhat of an anomaly due to 2022 Medicare costs which didn’t materialize, so enjoy those extra dollars while you can, as suggested in this Crossroads Today article by Maurie Backman.

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