Updated Information about 2023 Medicare Costs
Medicare Part A (Hospital Insurance) Costs
Part A monthly premium
Most people don’t pay a Part A premium because they paid Medicare taxes while working. However if you don’t get premium-free Part A due to not being eligible, you pay up to $506 each month.
If you don’t buy Part A when you’re first eligible for Medicare (usually when you turn 65), you might pay a penalty.
Hospital stay
In 2023, you pay:
■ $1,600 deductible per benefit period
■ $0 for the first 60 days of each benefit period
■ $400 per day for days 61–90 of each benefit period
■ $800 per “lifetime reserve day” after day 90 of each benefit period (up to a maximum of 60 days over your lifetime)
Skilled Nursing Facility stay
In 2023, you pay:
■ $0 for the first 20 days of each benefit period
■ $200 per day for days 21–100 of each benefit period
■ All costs for each day after day 100 of the benefit period
Medicare Part B (Medical Insurance) Costs
Part B monthly premium
Most people (but not all) pay the standard Part B monthly premium amount ($164.90 in 2023). Social Security will tell you the exact amount you’ll pay for Part B in 2023. (Note: People with higher incomes pay more. don’t have a late enrollment penalty, etc.)
You pay the standard premium amount if you:
■ Enroll in Part B for the first time in 2023.
■ Don’t get Social Security benefits.
■ Are directly billed for your Part B premiums.
■ Have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $164.90 in 2023.)
2023 Part B deductible ($226 before Original Medicare starts to pay.)
Source: https://www.medicare.gov › Pubs › pdf › 11579-Medicare-Costs.pdf
Note: If you have questions about your Part B premium, call Social Security at 1-800-772-1213. TTY users can call 1-800-325-0778. If you pay a late enrollment penalty, these amounts may be higher.
Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.
By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.
By calling this number, I understand I will be directed to a licensed insurance sales agent.