Hey there! When navigating the world of Medicare, you know it’s important to stay up to date with the latest changes. Every year Medicare makes some tweaks, and 2023 is no different. What are the new Changes in Medicare for 2023?
So, let’s get into what the changes to Medicare for 2023 are.
Adjustment of premium
First, let’s talk premium. Every year, Medicare adjusts the cost of premiums, and 2023 is set to see a few changes.
Part A: Most people don’t pay the Part A fee, but if they do, expect a slight increase. Those who paid premiums in 2022 were charged less in
Part B: This is where many people see change. Part B fees have been increased. While it’s not a huge increase, it’s something you should budget for if you’re on Original Medicare.
Deductibles And Coinsurance
Updated premium and coinsurance deductions:
Part A deduction: Inpatient and Part A deductions have been increased. This means that if you need hospital care, you have to meet a higher deductible before Medicare will start paying you.
Part B discounts: Part B discounts have also increased slightly. Once you reach this deductible, you will still pay 20% of the Medicare-approved rate for most physician services, outpatient care, and durable medical equipment
Medicare Advantage and Part D
For those enrolled in Medicare Advantage plans or Medicare Part D for prescription drugs, there are some updates too:
Medicare Advantage Plans**: These plans can change their premiums, deductibles, and copayments annually. Be sure to review your plan’s Annual Notice of Change to see what’s different this year.
Part D Plans: Expect changes in premiums, formularies (the list of covered drugs), and the structure of the “doughnut hole.” In 2023, the coverage gap, or doughnut hole, continues to shrink, meaning lower out-of-pocket costs for prescriptions.
Telehealth Services
The pandemic has made telehealth an essential service, and Medicare is continuing to support this in 2023:
Expanded Coverage: Medicare is maintaining its expanded coverage of telehealth services. This means more services can be accessed from home, which is especially beneficial for those with mobility issues or those living in remote areas.
Mental Health: There’s also increased access to telehealth services for mental health, a crucial addition as many face mental health challenges.
Supplemental Benefits
Medicare Advantage plans are offering more supplemental benefits:
Over-the-Counter (OTC) Allowances: Some plans now offer allowances for OTC items, like pain relievers and vitamins.
Transportation: There are more options for non-emergency medical transportation cover by certain plans.
Home Modifications: Some plans may help cover the cost of modifications to make your home safer, such as installing grab bars or ramps.
Health Equity Initiatives
Medicare is focusing on health equity, aiming to reduce disparities in healthcare access and outcomes:
Outreach Programs: Enhanced outreach efforts to underserved communities to ensure they are aware of and can access Medicare benefits.
Data Collection: Improved data collection to better understand and address the needs of diverse populations.
Read more: How To Apply For Medicare Disability Benefits
Conclusion
What’s Changes in Medicare for 2023? Staying informed about these changes ensures you can make the best decisions for your health and wallet. If you’re unsure how these updates affect you, it might be a good idea to speak with a Medicare advisor or use Medicare’s resources to get personal advice. Here’s to a healthier and well-informed year with Medicare in 2023!
Got questions or need more details? Drop them in the comments below or check out Medicare’s official site for the most comprehensive and up-to-date information. Stay healthy and take care!
