Medicare Increase 2023 Update

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Stay informed on Medicare increases for 2023. Understand changes to premiums and deductibles. Get the latest updates now at SafeMoney.com. If you are at least 65 and aren’t covered by an employer health insurance plan, then you will probably need to enroll in Medicare . Every year, there are copays, deductibles, and premiums to be paid. These numbers typically adjust from year to year, so you don’t have to be caught unprepared when they change this year in 2023. Once again, Social Security recipients have been given a large COLA (cost of living adjustment) for their benefits, which can play into these updates here. Here are the critical numbers that are important to know regarding Medicare benefits in 2023. Medicare Part A Premiums Original Medicare consists of Medicare Parts A and B. If you paid payroll taxes on your lifetime wages for less than 30 quarters, then you must pay the premium for Medicare Part A. This premium has risen to $506 per month in 2023, up from the $499 that was charged last year. If you paid payroll tax for anywhere from 30 to 39 quarters, then your monthly premium will rise to $278 per month. That is an increase from $274 per month in 2022. Medicare Part A Deductibles and Coinsurance The inpatient hospital deductible has risen to $1,600 per benefit period in 2023. That is up from $1,556 per month charged in 2022. As for coinsurance, there is still a $0 copay for hospital stays of up to 60 days. For days 61 through 90, you will have to pay coinsurance of $400, a hike from 2022’s price of $389 per day. After 90 days, the daily coinsurance amount rises to $800 per day, up from 2021’s price of $778 per day. Each Medicare participant gets 60 lifetime reserve days over the span of their life. Copays for skilled nursing care is still $0 for the first 20 days. Then the price rises to $200.00 per day for days 21-100 of each benefit period, an increase from 2022’s cost of $194.50. Medicare Part B Premiums and Deductibles Medicare Part B has seen changes for 2023. In 2023, this premium will cost $164.90 per month, which is down from the $170.10 per month charged in 2022. But these numbers only apply to single or head of household filers who have incomes of less than $91,000, or joint filers with incomes of less than $182,000. Those with incomes abov