Each year there can be updates for Medicare. Here are some details and points on the new updates for Medicare in 2023.

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Medicare Today

• 64 million individuals in the United States, or approximately 1 in 4, are covered by Medicare
• 29 million individuals have enrolled into a Medicare Advantage plan

Part A Updates

Inpatient & Facility Coverage

Premium
• Worked less than 30 quarters:
$506/month ($7 increase)
• Worked 30-39 quarters: $278 ($4 increase)
• Worked 40 quarters or more: $0

Inpatient Hospitalization Out-of-Pocket Costs
• Deductible: $1,600 each benefit period ($44 increase)
• Days 1-60: $0 coinsurance
• Days 61-90: $400 per day ($11 increase)
• Days 91 and beyond: $800 per day ($22 increase) up to 60 days per lifetime

Skilled Nursing Facility Out-of-Pocket Costs
• Days 1-20: $0 coinsurance per day
• Days 21-100: $200 per day ($5.50 increase)
• Days 101+: No Coverage

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Part B Updates

Outpatient & Doctor Coverage

Premium
• $164.90 per month ($5.20 decrease)

Income Related Monthly Adjustment Amount (IRMAA)

Deductible
• $226 per calendar year ($7 decrease)

Part D Updates

Prescription Drug Coverage

2023 Standard Benefits

• Deductible: up to $505 ($25 increase)
• Initial Coverage Limit: $4,660 ($230 increase)
• Max out-of-pocket during coverage gap: 25%
• Out-of-Pocket Threshold: $7,400 ($350 increase)

• Catastrophic Coverage
o Generic/Preferred multi-source drugs: $4.15 copay ($.20 increase)
o All other drugs: $10.35 ($.50 increase)

Income Related Monthly Adjustment Amount (IRMAA)

Inflation Reduction Act

• Beginning in 2023, under a provision of the Inflation Reduction Act, Part D beneficiaries will pay no more than
$35 per month for covered insulin product in ALL Part D plans
• $0 cost-sharing for adult vaccines covered under Part D

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Sources
• https://www.cms.gov/research-statistics-data-and-systems/research-statistics-data-and-systems
• https://www.census.gov/popclock/
• https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/monthly-premium-for-drug-plans
• https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance
• https://www.kff.org/medicare/issue-brief/medicare-part-d-a-first-look-at-medicare-drug-plans-in-2023/

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