Myth Vs. Fact: Medicare Gets More Expensive Each Year
Partial Fact! Each year in the Fall, the Centers for Medicare and Medicaid releases cost changes for Medicare Parts A and B. These changes affect monthly premiums, deductibles, coinsurance amounts, and Medicare Part B and D income-related monthly adjustment.
This past year in 2022, the largest dollar increases in the health insurance program’s history took place with the Part B premium jumping up by $21.60.
Updates for 2023 Medicare costs are out and available now and we will see a reduction in some of those costs next year. Part A costs including deductibles, copays, and the premium should you have to pay for Part A, have all increased for 2023. With Part B, however, we will actually see a reduction in the monthly premium as well as the deductible.
Should you have questions about the specific changes in these costs and how those changes may affect you, agents here at VibrantUSA are available to answer those questions. Call us at 866-733-5111 for more information.