2023 Medicare Part B Premium and Deductible Updates
The new 2023 Part B premium and A and B deductibles have been announced!
The standard Part B premium has gone down to $164.90/month. The Part B annual deductible has also gone down to $226.
While it’s a welcomed change, you may be wondering why these premiums are going down, rather than up. In 2022, the premium included a contingency margin to cover some projected costs of Part B spending on a new drug. The actual spending ended up being lower than projected so there was a larger reserve left in the Part B account which will help limit further premium increases.
Additionally, the Part A deductible will be going up a bit to $1,600 per benefit period in 2023.
To view the CMS (Centers for Medicare and Medicaid Services) news release regarding the price updates for 2023, click here.
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