We have been getting a lot of questions about Medicare changes in 2023, so we decided to provide everyone with a helpful update on the subject. Take a look at a few of the major changes below.
- Part A costs are rising and Part B costs are falling. All costs in Part A (your deductible, coinsurance, and premiums) are rising for 2023, but only by about 3%. On the other hand, Part B costs are very slightly decreasing – the annual deductible and monthly rate are going down by about $7 and $5.20 respectively.
- There’s a new Part B plan for those who had a kidney transplant. In 2023, a new benefit is available to extend coverage for immunosuppressive drugs from the current 36-month limit. These drugs help ensure that the body doesn’t reject the new kidney.
- Part C costs are slightly decreasing. Those enrolled in Part C (i.e., Medicare Advantage) can expect to pay $1 less each month than they did in 2022. Medicare Advantage plans can be a cost-effective alternative to traditional Medicare, especially if you need access to services like fitness programs or vision and hearing benefits that many Advantage plans cover.
- Part D costs are changing. The average monthly rate is decreasing by less than a dollar, but the deductible and catastrophic coverage phase threshold are both increasing by 5%. This is a $25 increase for the deductible and a $350 increase for the catastrophic threshold.
- Capped insulin costs and free vaccines. If you have drug coverage with Part C or a Part D plan, your insulin costs will be capped at $35 a month. In addition, vaccines recommended by the Advisory Committee on Immunization Practices (ACIP), including shingles, are free of charge as of January 2023. For those on Original Medicare, you will receive the same insulin cost cap starting on July 1.
If you want to talk through these changes or have me review your benefits to help you better understand them, don’t hesitate to reach out to ALKEME. We are always happy to discuss any associated impacts to your coverage with you.
