What is the Medicare Part B premium for 2022 and how much will it be in 2023?
Unlike 2022, the Medicare Part B premium will decrease in 2023, a major relief for seniors though the enrollment period has just ended.
Many seniors are breathing a sigh of relief after the Center for Medicare and Medicaid (CMM) announced that the premium for Medicare Part B would be lowered from $170.10 paid by beneficiaries in 2022 to $164.90 in 2023.
Why did the premium for Part B increase in 2023?
Premiums had increased more than fifteen percent in 2022 after coverage was expanded to include a new Alzheimer’s drug, Aduhelm.
However, in late May, the Department of Health and Human Services announced the premiums would come down in 2023, noting that the agency had overestimated the costs. HSS Xavier Becerra also mentioned that his department had tried to reduce premiums in the spring but was unable to because of ”legal and operational hurdles” and that instead, “the reduction in premium costs attributable to Aduhelm will be incorporated into Medicare premiums for 2023 to lower Part B premiums paid by Medicare beneficiaries.”
Initially, the company producing Aduhelm had put a sticker price of $56,000 per patient on the drug, and based on the number of Medicare members the CMM had assumed would take the drug, this drove up Medicare Part B premiums in 2022. However, when the company came under scrutiny by Congress and the FDA after the troubling issues with the way clinical trials were carried out, the price was quickly cut in half, which prompted interest in lowering premium costs for Medicare members.
Price for Part B by Income
|Federal Tax Filing Status||2023 Premium for Part B|
|Individual||Joint filers||Marrier & Seperate|
|$97,000 or less||$164.90|
|above $97,000 up to
|above $194,000 up to
|above $123,000 up
|above $246,000 up to
|above $153,000 up
|above $306,000 up to
|above $183,000 and
less than $500,000
|above $366,000 and
less than $750,000
|above $97,000 and
less than $403,000
|$500,000 or above||$750,000 or above||$403,000 or above||$560.50|
The 2023 deductible for Part B will be $226, meaning seniors must pay this before their benefits kick in.
When does Medicare enrollment end?
Open enrollment for Medicare ended Wednesday, 7 December, meaning the window has closed to decide on coverage for 2023.
The plans that can be purchased during open enrollment include Medicare Advantage Plans, Drug plans (known as Part D) to keep costs on prescriptions down, and Medigap policies. Many may opt into a Medicare Advantage Plan that includes coverage for vision, dental, and hearing for seniors. Like Medicare Part B, the premiums for these plans are expected to fall by around eight percent to an average of $18 a month.