Social Security Report

Medicare Changes for 2023 – Some Good News - CMS.gov

The Centers for Medicare & Medicaid Services (CMS) has announced the 2023 changes to the Medicare program, and the announcement definitely includes some good news – the Medicare Part B premium will be less in 2023 than it is in 2022. That’s a result of unrealized 2022 Part B costs, resulting in a 2023 premium of $164.90, $5.20 less than the 2022 Part B premium of $170.10. And since most Social Security beneficiaries have their Medicare premium deducted from their Social Security payment, that translates to a slightly higher Social Security benefit in 2023. There are, of course, other areas affected, including a higher threshold for IRMAA (income related monthly adjustment amount) for higher income beneficiaries, and somewhat higher copays and deductible for Medicare Part A, but the announcement was largely positive for the majority of Medicare beneficiaries. Click here to read the announcement on CMS’ website.

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