2023 Original Medicare
Each Year Original Medicare details change. This includes the premiums, co-pays, and co-insurance. Here's where we'll update the changes starting January 1st of 2023.
Part B premium: $164.90/ month.
If your income is over $97k individually or $194k married filing jointly, you'll want to check IRMAA rates here.
This premium is owed by all beneficiaries unless it is covered by your state's Medicaid program or reduced by a Medicare Advantage Plan.
Part B Deductible / Co-insurance
Most Medicare Supplements cover some amount of the co-pay, most do not cover the deductible. If you have a Medicare Advantage Plan your plan's deductibles and copays replace the listed amounts.
The Part B annual deductible is $233.
After you hit the Part B deductible beneficiaries pay 20% there after on Part B costs.
Part A Deductible and Co-insurance
Medicare Supplements take care of this charge, if you have a Medicare Advantage Plan, your plan's deductible/ copays / coinsurance will replace this cost.
The Part A deductible is $1,600 every 60 days.
Daily coinsurance for 61st-90th Day: $400
Daily coinsurance for lifetime reserve days: $800
Daily Skilled Nursing Facility coinsurance days 21-100: $200 (days 1-20 are covered at 100%)
The Income-Related Income Adjustment Account is Medicare's way of charging higher income earners more premium for their Part B and D coverage. In 2023 people making more than $97k individually or $194k as a married couple filing jointly will generally pay more. Keep in mind this amount is determined before the beginning of each year. They use your tax returns from 2 years previous to the year you're charged the penalty. If your income was artificially high two years before, or if it's gone down since you can file an exception with Social Security. The instructions are here. Note that because the form is not updated as regularly as the actual IRMAA levels, the income brackets may have changed. You can view updated 2023 IRMAA levels here. That page includes IRMAA information for Parts B and D. These limits are adjusted each year.
Part B premium is simply adjusted and you'll get a notice each year if IRMAA applies.
Part D premium IRMAA is in addition to your drug coverage premium and goes directly by Social Security.