NerdWallet: Do you know about these changes to Medicare? Here are 7 key updates for 2023.

by | Feb 14, 2023 | Stock Market

This article is reprinted by permission from NerdWallet.  A new year means changes to Medicare, including updated premiums and deductibles and sometimes big policy moves. In 2023, there’s a little of everything: Some costs have gone down, others have increased, and there are some notable tweaks to how Medicare works.

Understanding what’s new can help you get the most from your Medicare benefits. Here are some key 2023 updates, according to the Centers for Medicare & Medicaid Services.Part B costs have gone down Medicare Part B is medical insurance that covers needs like doctor visits and durable medical equipment, such as wheelchairs and walkers. Everyone pays a Part B monthly premium, even people with Medicare Advantage plans. In 2023, the Part B standard premium is $164.90 per month, down from $170.10 per month in 2022. If you have a higher income, you may pay more. The Part B deductible dropped to $226 in 2023, down from $233 in 2022. Don’t miss: Hiring a helper for senior care could be like calling an Uber — the new frontier of the gig economyPart A costs have gone up Medicare Part A is hospital insurance that covers inpatient stays in a hospital or skilled nursing facility. Most people don’t pay a premium for Part A, but for those who do, those premiums increased to $506 per month, up from $499 in 2022. And the deductible for a hospital stay is $1,600 in 2023 for each benefit period, up from $1,556 in 2022. Copays for inpatient stays in hospitals and skilled nursing facilities are also up. These are costs per benefit period:
$400 per day for days 61 to 90 in a hospital (up from $389).

$800 per “lifetime reserve day” after day 90 in a hospital, up to a limit of 60 days in your lifetime (up from $778).

$200 per day for days 21 to 100 in a skilled nursing facility (up from $194.50).

Insulin costs are capped New this year, insulin costs are limited to $35 a month for Medicare beneficiaries, and there is no deductible. Although the change went into effect Jan. 1, plans have a deadline of March to put this system in place. If you pay more than $35 a m …

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