Medicare Costs for 2023 were announced on 09/27/2022 by the Centers for Medicare & Medicaid Services.
| Medicare Part B Premiums | $170.10 | $164.90 |
| Part A Deductible [Inpatient Hospital] | $1,556 | $1,600 |
| Part B Deductible [Physician’s Services] | $233 | $226 |
| Hospital Coinsurance Days 61-90 | $389 | $400 |
| Hospital Coinsurance Days 91-150 | $778 | $800 |
| Skilled Nursing Facility Coinsurance | $194.50 | $200 |
| High Deductible Plan F | $2,490 | TBD |
| Plan K Out of Pocket Maximum | $6,220 | TBD |
| Plan L Out of Pocket Maximum | $3,110 | TBD |
2023 Medicare Part B Costs
The base premium for 2023 Medicare Part B is $164.90. Part B pricing is based on your income from 2 years prior; therefore, your 2023 Medicare Part B costs are based on your 2021 income tax filings. The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment Amount. IRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income [MAGI] is higher than a certain threshold. To avoid confusion, our chart below shows the entire premium you owe for your 2023 Medicare Part B Costs for each income bracket.
| $97,000 or less | $194,000 or less | $97,000 or less | $164.90 |
| above $97,000 up to $123,000 | above $194,000 up to $246,000 | Not applicable | $230.80 |
| above $123,000 up to $153,000 | above $246,000 up to $306,000 | Not applicable | $329.70 |
| above $153,000 up to $183,000 | above $306,000 up to $366,000 | Not applicable | $428.60 |
| above $183,000 up to $500,000 | above $366,000 up to $750,000 | above $97,000 up to $403,000 | $527.50 |
| above $500,000 | above $750,000 | above $403,000 | $560.50 |
Medicare Part D Costs
2023 Medicare Part D – Plan Costs
2023 AMOUNT
| Initial Deductible | $505 |
| Initial Coverage Limit [ICL] | $4,660 |
| Out-of-Pocket Threshold [TrOOP] | $7,400 |
| Coverage Gap [Donut Hole] | Between $4,660 and $7,400 |
2023 Medicare Part D – Premium Costs
Your Part D insurance company sets base Part D premiums. The average premium for 2023 is $31.50.
The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment Amount. IRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income [MAGI] is higher than a certain threshold.
The 2023 IRMAA premium below is what you will pay in addition to your Part D premium.
| $97,000 or less | $194,000 or less | $97,000 or less | $0 |
| above $97,000 up to $123,000 | above $194,000 up to $246,000 | Not applicable | $12.20 |
| above $123,000 up to $153,000 | above $246,000 up to $306,000 | Not applicable | $31.50 |
| above $153,000 up to $183,000 | above $306,000 up to $366,000 | Not applicable | $50.70 |
| above $183,000 up to $500,000 | above $366,000 up to $750,000 | above $97,000 up to $403,000 | $70.00 |
| above $500,000 | above $750,000 | above $403,000 | $76.40 |
2023 Medicare Advantage & Medigap Pricing
The insurance companies dictate Medicare Advantage Plans and Medigap plan pricing. We go into this more in our Medicare Advantage vs. Medigap article.