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Standard Medicare Part B premiums will drop 3% to $164.90 next year

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The government announced on Tuesday that the monthly premium for Medicare outpatient care in 2023 will be about 3% lower than this year.

The standard monthly premium for Part B will be $164.90 next year, down $5.20 from $170.10 in 2022, according to the Centers for Medicare and Medicaid Services.

The annual deductible for Part B will be $226 in 2023, down $7 from $233 in 2022.

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This year’s Part B premium jumps more than expected from 2021 due to Medicare projected costs for Aduhelm, a drug that fights Alzheimer’s disease. Lower-than-expected spending on both Aduhelm and other Part B items and services resulted in greater financial reserves for Part B, allowing the program to reduce costs to beneficiaries next year.

Meanwhile, the deductible for Medicare Part A (hospital coverage) for the period of care (which usually begins when you are admitted to the hospital) will be $1,600 in 2023, up $44 from this year’s $1,556. This applies to the first 60 days of inpatient treatment.

From the 61st to the 90th day, the coinsurance will be $400 per day, up from $389 this year. For lifetime reserve days, the fee will be $800 per day (vs. $778 in 2022).

In addition, so-called income adjustment amounts, or IRMAAs, will apply to individual beneficiaries in modified adjusted gross income of more than $97,000, compared to $91,000 this year. For married beneficiaries filing a joint tax return, an additional monthly fee will apply if income exceeds $194,000, up from $182,000 this year.

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Standard Medicare Part B premiums will drop 3% to $164.90 next year

bymuratdeniz | E+ | Getty Images

The government announced on Tuesday that the monthly premium for Medicare outpatient care in 2023 will be about 3% lower than this year.

The standard monthly premium for Part B will be $164.90 next year, down $5.20 from $170.10 in 2022, according to the Centers for Medicare and Medicaid Services.

The annual deductible for Part B will be $226 in 2023, down $7 from $233 in 2022.

More from Personal Finance:
Car buyers pay an average of 10% more over the sticker price
62% of workers are reducing their savings amid economic worries
Here’s how to prepare for student loan forgiveness

This year’s Part B premium jumps more than expected from 2021 due to Medicare projected costs for Aduhelm, a drug that fights Alzheimer’s disease. Lower-than-expected spending on both Aduhelm and other Part B items and services resulted in greater financial reserves for Part B, allowing the program to reduce costs to beneficiaries next year.

Meanwhile, the deductible for Medicare Part A (hospital coverage) for the period of care (which usually begins when you are admitted to the hospital) will be $1,600 in 2023, up $44 from this year’s $1,556. This applies to the first 60 days of inpatient treatment.

From the 61st to the 90th day, the coinsurance will be $400 per day, up from $389 this year. For lifetime reserve days, the fee will be $800 per day (vs. $778 in 2022).

In addition, so-called income adjustment amounts, or IRMAAs, will apply to individual beneficiaries in modified adjusted gross income of more than $97,000, compared to $91,000 this year. For married beneficiaries filing a joint tax return, an additional monthly fee will apply if income exceeds $194,000, up from $182,000 this year.

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