What you'll pay for Medicare in 2023

We know it’s important to stay up to date with what you’ll be paying for Medicare! In 2023, there are a few changes that may affect what you pay through Original Medicare or Medicare Advantage (MA) plans. Let’s look at these changes for Parts A, B, C, and D.

What does it cost to use Medicare Part A coverage in 2023?

Most Medicare beneficiaries don’t pay a premium for Medicare Part A, which covers hospital costs, because they paid Medicare taxes long enough while working. However, beneficiaries must consider deductibles and copays when using Part A coverage. For each benefit period, these costs have increased from 2022 to 2023 as follows:

The Part A deductible is now $1,600 (up from $1,556).
Daily coinsurance for days 61-90 has increased from $389 to $400.
Daily coinsurance for 60 lifetime reserve days has increased from $778 to $800.

You can see the full cost schedule for a hospital stay in 2023 at Medicare.gov.

*”Lifetime reserve day” refers to extra days that Medicare will pay for all costs, except daily coinsurance, if you exceed the 90 days hospital stay. You get 60 lifetime reserve days over your lifetime.

What does Medicare Part B cost in 2023?

Part B covers outpatient medical services, including doctor visits. Each year, the Medicare Part B premium, deductible, and coinsurance rates are set according to the Social Security Act. This year, the standard premium and deductible for Part B are slightly lower than in 2022. According to the Centers for Medicare and Medicaid (CMS), the standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20, and the annual deductible is $226, a decrease of $7.

What does Medicare Part D cost in 2023?

Medicare Part D (prescription drug coverage) can be purchased on its own or as a part of a Medicare Advantage plan with prescription drug coverage (MAPD). Part D plans come with monthly premiums that vary by policy. According to CMS, the national base beneficiary premium for Part D plans is $32.74 per month in 2023. According to the Kaiser Family Foundation, actual monthly plan premiums for 2023 range from $1.60 to $201.10 per month. There could be additional charges for those who enroll late, have an extended gap in drug coverage, or have a high taxable income.

Starting in 2023, there is also a monthly $35 cap on cost-sharing for insulin under Part D due to the Inflation Reduction Act, and all recommended vaccines will come with no cost.

Will there be changes to Medicare Advantage plans (Part C) in 2023?

Many people choose to join a MA plan which offers all the benefits of Original Medicare plus additional health and wellness benefits and sometimes Part D prescription drug coverage. Each year MA plans can update benefits and adjust cost, so be sure to check with the plan you have or may be considering to make sure current offerings match your budget and health insurance needs.

At the beginning of the 2023 open enrollment period, CMS projected the average monthly premium for MA plans would fall to $18 this year. Aspire Health offers a variety of different MA plans to fit your needs, including a plan with a $0 monthly premium for qualified individuals. We have improved our plans by lowering some of your copays, deductibles, and premiums depending on your plan. Here are a few of the highlights for 2023:

A lower maximum-out-of-pocket (MOOP)
Three prescriptions for two copays at retail pharmacies
An expanded fitness benefit that includes , a brain training app and access to boutique fitness centers like Cyclebar, along with the Montage Wellness Centers

In addition, we’re continuing to offer these great benefits:

Transportation, routine chiropractic, routine acupuncture in all three plan offerings
Over-the-counter (OTC) benefits for those on the Advantage and Plus plans
Enhanced Benefit plans for vision, dental, hearing, additional transportation, and Mom’s Meals
Wellness, care management, and a special program and benefits for members with chronic conditions

For more information, you can read our previous blog post on how to make the most of your Medicare benefits in 2023.

We want to help you understand your costs for Medicare. If you have questions, give one of our local Health Plan Advisors a call at (866) 798-1530. TTY users call 711.

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