The Boeing Company Medicare Open Enrollment Is Here: How Are Costs Changing for 2023?

You can transfer from your current Medicare health and prescription medication plans to ones that better fit your needs during the Open Enrollment Period, which runs from October 15 through December 7. The 2023 Medicare premiums, deductibles, and other expenses have been revealed just in time for Open Enrollment. Surprisingly, some of these expenses are less than they were the previous year.

What to consider.

Examine any materials that your plan has supplied you first. Examine the available coverage, the associated expenses, and the provider network—which might have changed from the previous year. Perhaps your prescription medication has become more expensive, your health has altered, or you expect to require medical attention. You can adjust your plan if it doesn't cover all of your medical needs or fit inside your budget. That being said, there's nothing more you need to do if you're happy with your existing situation. Your coverage will stay in effect.

During Open Enrollment, you can:

1. Switch from Original Medicare to a Medicare Advantage Plan

2. Switch from a Medicare Advantage Plan to Original Medicare

3. Change from one Medicare Advantage Plan to a different Medicare Advantage Plan

4. Change from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn't offer prescription drug coverage

5. Switch from a Medicare Advantage Plan that doesn't offer prescription drug coverage to a Medicare Advantage Plan that does offer prescription drug coverage

6. Join a Medicare prescription drug plan (Part D)

7. Switch from one Part D plan to another Part D plan

8. Drop your Part D coverage altogether

Any changes made during Open Enrollment are effective as of January 1, 2023.

Medicare Part B (Medical Insurance) costs for 2023

In 2023, the majority of Medicare beneficiaries who receive Social Security benefits will be required to pay the standard monthly Part B premium of $164.90. Thanks to lower-than-expected spending on a new medication, Aduhelm, and other Part B goods and services, this premium is $5.20 less than it was in 2022.

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Higher earners could pay more than the average premium. You will pay the standard premium amount plus an Income-Related Monthly Adjustment Amount (IRMAA), which is an additional charge added to your premium, as indicated in the following table, if your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2021) is above a certain amount.

Prior to Original Medicare beginning to pay, beneficiaries of Medicare Part B must also meet an annual deductible. This deductible is $226 in 2023 (as opposed to $233 in 2022).

*This premium is for a new benefit that covers immunosuppressive medication for Medicare-eligible individuals with end-stage renal illness. Medicare coverage, which included reimbursement for immunosuppressive medications, terminated 36 months following a successful kidney transplant prior to 2023. Medicare will start offering a new benefit on January 1, 2023, to allow people without other health insurance continue to pay for immunosuppressive medications for longer than 36 months. It excludes other products and services. For individuals filing individual or joint tax returns, the rates displayed apply. Beneficiaries filing as married individuals pay different premiums.

Medicare Part A (Hospital Insurance) costs for 2023

1. Part A deductible for inpatient hospitalization: $1,600 per benefit period (up from $1,556 in 2022)

2. Part A premium for those who need to buy coverage: up to $506 per month (up from $499 in 2022) — most people don't pay a premium for Medicare Part A

3. Part A coinsurance: $400 per day for days 61 through 90, and $800 per 'lifetime reserve day' after day 90, up to a 60-day lifetime maximum (up from $389 and $778 in 2022)

4. Part A skilled nursing facility coinsurance: $200 for days 21 through 100 for each benefit period (up from $194.50 in 2022)

1) The Centers for Medicare & Medicaid Services, 2022