Medicare Part B premiums and Open Enrollment in 2023

The 2023 Medicare Parts A and B premiums, deductibles, and coinsurance amounts were published by the Centers for Medicare & Medicaid Services (CMS) yesterday.

On October 15, 2022, the Medicare open enrollment period began. It will end on December 7, 2022. Medicare enrollees can compare different types of coverage, such as Original Medicare (Parts A and B) and Medicare Advantage, and select their health and prescription medication plans for 2023 during the open enrollment period.

Medicare Part B Deductibles & Premiums

The Social Security Act establishes the Medicare Part B premium, deductible, and coinsurance amounts each year.

Medicare Part B members’ typical monthly premium will be $164.90 in 2023, down from $170.10 in 2022 by $5.20. All Medicare Part B patients will have an annual deductible of $226 in 2023, down from an annual deductible of $233 in 2022.

A recipient’s monthly Social Security benefits are typically deducted from the Medicare Part B cost. Over the past years, the premiums have climbed, typically more so than the annual Social Security cost-of-living adjustment (COLA). The anticipated COLA in 2023 will be 8.7%. The final 2023 COLA amount will be revealed in the middle of October.

Income-Related Monthly Adjustment Amounts for Medicare Part B

Their income now determines a beneficiary’s monthly Part B premium as of 2007. These income-based monthly adjustment levels impact approximately 7% of Medicare Part B beneficiaries. The following table displays the 2023 Part B total premiums for high-income recipients who have complete Part B coverage:

What are modifications to my plan possible during the Medicare open enrollment period?

If you already have Medicare coverage and want to enroll during the open enrollment period, you can:

• Change from Original Medicare to Medicare Advantage (so long as you’re signed up for both Parts A and B of Medicare and live in the plan’s coverage area).

• Change from Medicare Advantage to Original Medicare (with a Medicare Part D plan and perhaps a Medigap plan; depending on the state and the individual’s circumstances, medical underwriting may be necessary for Medigap).

• Alternate between different Medicare Advantage plans.

• Switch between several Medicare Part D prescription medication plans.

If you didn’t sign up for a Medicare Part D plan when you first became eligible, do so now. A late-enrollment penalty might be imposed if you haven’t kept up with other creditable coverage.

Can I change my mind before December 7 if I modify my coverage at the beginning of the AEP?

Yes. Later in the AEP, you can change your mind and select a different plan. You are permitted an unlimited number of plan modifications during the AEP. The plan that goes into effect on January 1 will be your last choice.

What can I do if I make a mistake when changing my coverage during the AEP?

If you discover your error while the AEP is still in progress, you can choose an alternative plan in its place (before the deadline of December 7), and the new selection will go into effect on January 1.

You can choose a different Medicare Advantage plan during the Medicare Advantage Open Enrollment Period (MAOEP) or move to Original Medicare and a Part D plan if the AEP has expired and you are already enrolled in a Medicare Advantage plan but feel you should have chosen a different plan.

For instance, it’s possible to choose an Advantage plan that excludes a hospital with a convenient location from its network or doesn’t cover an expensive prescription you need. Or perhaps you allowed your current Advantage plan to automatically renew without realizing that the premium or benefits will change starting in January. Whatever the cause, the MAOEP offers Medicare Advantage beneficiaries one “do-over” chance at the beginning of the year.

The period for the MAOEP is from January 1 to March 31.

Your alternatives are more constrained if the AEP has terminated and you’ve signed up for a stand-alone Part D plan that doesn’t meet your needs. There is no better option to modify a stand-alone Part D plan than the MAOEP. Generally, these plans can only be altered during the fall AEP.

However, you can call 1-800-MEDICARE and provide the specifics if you think you were provided with false or misleading information that caused you to select the incorrect plan. Depending on the situation, the call center might let you change your plan.

Contact Information:
Email: [email protected]
Phone: 9568933225

Bio:
Rick Viader is a Federal Retirement Consultant that uses proven strategies to help federal employees achieve their financial goals and make sure they receive all the benefits they worked so hard to achieve.

In helping federal employees, Rick has seen the need to offer retirement plan coaching where Human Resources departments either could not or were not able to assist. For almost 14 years, Rick has specialized in using federal government benefits and retirement systems to maximize retirement incomes.

His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.