October 10, 2022
In September of 2022, the Centers for Medicare and Medicaid Service (CMS) announced the Social Security Administration’s 2023 Medicare Part B premiums and deductibles.
The standard Medicare Part B premium for 2023 is $164.90. This is a decrease of $5.20 in comparison to 2022’s standard Part B premium of $170.10 for Medicare. The 2023 Part B deductible is $226. This is a decrease of $7.00 from the deductible of $233 in 2022.
The average American will pay the standard Part B premium, but those with higher gross incomes will pay more. To be charged the standard Part B premium number, a Medicare beneficiary’s gross income must be $97,000 or less for joint tax filers.
Part B monthly premiums for individuals who have a gross salary of over $97,000 include:
- Gross income $97,000-$123,000: $230.80 Part B monthly premium
- Gross income $123,000-$153,000: $329.70 Part B monthly premium
- Gross income $153,000-$183,000: $428.60 Part B monthly premium
- Gross income $183,000-$500,000: $527.50 Part B monthly premium
- Gross income $500,000+: $560.50 Part B monthly premium
What is Medicare Part B?
Medicare is a federal health insurance program that is divided into Parts. Medicare Part A and B are administered by the federal government. Medicare Part B covers outpatient services. This may include doctor visits, durable medical equipment, lab tests, mental healthcare, and preventative services. Medicare Part B is the counterpart to Medicare Part A, which covers hospital services such as inpatient care, hospice care and care in a skilled nursing facility.
What is a premium?
Most Medicare plans require you to pay a Part B premium. This is a monthly set fee that maintains Medicare coverage.
What is a deductible?
A deductible is the out-of-pocket cost a Medicare beneficiary must pay before Medicare coverage begins.
