By Leada Gore
Millions of Americans will pay less for Medicare next year.
Medicare’s Part B standard monthly premium will fall to $164.90 in 2023, a drop of $5.20 from last year, the Centers for Medicare and Medicaid Services announced Tuesday. Medicare Part B covers services from physicians, outpatient and home health care, durable medical equipment and other medical and health services not covered by Medicare Part A.
Higher-earning Medicare recipients – roughly 7% of all beneficiaries – will see a similar drop in monthly costs, varying by income. Most Medicare beneficiaries have Part B premiums deducted directly from their monthly Social Security payments.
The annual Part B premium deductible for 2023 is also dropping to $226, $7 less than last year.
Open enrollment for changes to Medicare coverage will start Oct. 15 and last through Dec. 27.