Are you a taxpayer who has purchased long-term care insurance? Take note of your policy details and your premium amount, as you may be able to deduct the cost - or at least part of it - from your 2023 income.
Savings for Seniors: Lower Medicare Part B Premiums in 2023
For the first time in more than 10 years, Medicare Part B enrollees will see some of their costs decline. In an announcement issued by the Centers for Medicare and Medicaid Services (CMS), the agency outlined changes to the premium, deductible, and co-payment amounts for numerous Medicare costs taking effect in 2023.
- Medicare Part B basic monthly premium = $164.90 = Savings of about $62 for the year
- Medicare Part B annual deductible = $226 = Savings of $84 for the year
- Other amounts, meanwhile, will rise slightly in 2023:
- Medicare Part A deductible = $1,600 (up from $1,556)
- Co-payment for hospital stay, days 61 to 90 = $400 per day (up from $389)
- Co-payment for hospital stay, days 91 and beyond = $800 per day (up from $778)
- Co-payment for skilled nursing facility, days 21 to 100 = $200 per day (up from $194.50)
Note that beneficiaries with higher incomes pay higher monthly premiums. For further details, read the news release from CMS.
If you wish to make changes your coverage, Medicare’s Open Enrollment Period will take place October 15 through December 7.