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Home / Longevity / Healthy Retirement / Medicare Monthly Premiums Dropping for Seniors, Here’s How Much You’ll Save

Medicare Monthly Premiums Dropping for Seniors, Here’s How Much You’ll Save

medicare

Millions of seniors who had to pay high increases in Medicare premiums this year will get a break in 2023 when they see a rare drop in monthly premiums for Medicare Part B.

How much you’ll save

The rate decrease is 3%, which will reduce what most people pay for a variety of outpatient care by $5.20 — to $164.90 a month.

Single Medicare enrollees who earn $97,000 or less are charged the standard premium, while couples who file jointly will pay the standard premium if they earn $194,000 or less.

If you earn above that amount, however, you will have to pay higher premiums. For example, if you are a single taxpayer who earns more than $97,000 but up to $123,000, you will pay $230.80 a month for Part B coverage in 2023, according to the Centers for Medicare & Medicaid Services.

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The annual deductible for Part B will decline to $226 in 2023, which is down $7 from the 2022 deductible of $233.

Spending on other Medicare and Medicaid services has also been lower than expected this year. In addition to the rate decrease, the program’s deductible will drop to $226 from $233.

This is good news for seniors who will be required to pay a lower out-of-pocket amount before Medicare coverage kicks in. This amounts to about $84 less in annual out-of-pocket spending for seniors.

RELATED: How To Understand Medicare & All Of Its Benefits

Why is the deductible decreasing in 2023?

Last year, consumers faced a $21.60 monthly increase, in part because of the costs of the new controversial Alzheimer’s drug Aduhelm. Since then, Medicare set limits on the drug’s use and the drugmaker has cut the $56,000 price tag in half. That led to Medicare paying less than expected, the Associated Press reported.

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These fee cuts come at the same time as seniors receive a

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