Medicare Benefit Changes for 2023

What Updates Should I Expect to My Medicare Plan Coverage for 2023?

As we head into the new year, it's important to stay informed about any changes to our healthcare coverage. And if you're on Medicare, there are some key differences you may notice in your coverage come 2023.

Medicare Part A: Hospital Insurance Changes

Medicare Part A changes include slight increases in the deductible for inpatient hospital stays, as well as a new temporary increase in skilled nursing facility copayments. This means that Medicare Part A will no longer cover certain expenses related to a stay at a skilled nursing facility, such as long-term care or custodial care. These expenses will now need to be covered by supplemental insurance or out of pocket.

Medicare Part B: Medical Insurance Changes

Another notable change is a decrease in the standard monthly premium for Medicare Part B, which covers outpatient services like doctor visits and durable medical equipment that are not covered by Medicare Part A. The premiums for Part B are based on income and are determined by the Social Security Act, with higher-income individuals paying higher premiums.

Currently, Medicare Part B deductibles are $170.10/month in 2022, but will decrease to $164.90/month in 2023.

Medicare Part D: Prescription Drug Coverage Changes

Medicare Part D changes include an increase in the initial coverage limit and a decrease in the coverage gap (or "doughnut hole"). In 2023, the out-of-pocket spending limit for Part D will decrease from $6,550 to $3,750. This means that those who reach the limit will have more of their prescription drug expenses covered.

Finding the Right Medicare Coverage for You

Remember, it's important to stay informed about any potential changes to your Medicare coverage. Open Enrollment for Medicare 2023 plans ends December 7th, so it’s important to know your options before the deadline.

If you're looking for a Medicare Plan, the best place to start is by visiting medicare.gov. You can compare plans in your area and find one that fits your needs and budget.

For our members and future members, head to our website and select your state to view your plan options. For more information on specific plans, be sure to visit ATRIO's website.