ArmandoWInsurance | ArmandoWInsurance | United States
Understanding Medicare Benefit Changes for 2023
Understanding Medicare changes
Medicare is a vital healthcare program for millions of Americans and thousands more who will turn 65 years old in 2023. With the healthcare landscape constant changes, it’s important to stay informed about the latest changes to Medicare benefits to ensure you are getting the best possible coverage for your health needs and budget. In 2023, Medicare beneficiaries can expect several changes to their benefits.
Purpose of the Changes
The purpose of the changes to Medicare benefits in 2023 is to improve access to healthcare services and reduce the cost burden on beneficiaries. The aging population who have Medicare and rising healthcare costs has forced has forced policymakers to address these changes and ensuring that Medicare remains a sustainable and affordable healthcare program for next generations.
Key Changes to Expect in 2023
- Changes to Prescription Drug Coverage. Including new discounts for beneficiaries who require expensive drugs and improved access to generics.
- Increased coverage for Preventive Services. Medicare will increase coverage for preventive services, such as annual wellness visits and cancer screenings, to encourage beneficiaries to prioritize their health and prevent chronic conditions from developing.
- Expansion of Telehealth Services. Telehealth has become increasingly popular in recent years, especially during Covid-19 pandemic. In 2023 Medicare will expand access to Telehealth services, making it easier for beneficiaries to access medical care fro the comfort of their own homes.
- Improve Medicare Advantage. Medicare Advantage is a popular alternative to add to original Medicare, and the changes to benefits in 2023 will enhance its benefits and make it even more accessible to beneficiaries.
Prescription Drug Coverage 2023
Below are a few highlights to the Medicare prescription drugs coverage for 2023.
- Initial Deductible will increase by $25 to $505 in 2023.
- Initial Coverage Limit will increase from $4,430 in 2022 to $4,660 in 2023.
- Out-of-Pocket (or TROOP) will increase from $7,050 in 2022 to $7,400 in 2023.
- Coverage Gap (Donut hole) begins once you reach your Medicare Part D plan’s initial coverage limit ($4,660 in 2023) and ends when you spend a total of $7,400 out-of-pocket in 2023.
- Approved insulins are now limited to a $35 max copay for a 30-day supply in All Part D plans and Medicare Advantage plans that include drug coverage.
2023 Medicare Premium and Deductible changes
2023 sees changes to Medicare Part A and Part B cost.
COST
If you don’t have 40 credits, you will have to pay for Medicare Part A for $506 a month, and if you have 30-39 credits cost is $278 a month. 2023 Part B cost drops a few dollars to a minimum of $164.90 per month.
DEDUCTIBLE
Part A deductible goes up from $1,556 in 2022 to $1,600 in 2023. Part B deductible will decrease to $226 in 2023.
If you have any questions about Medicare, Medicare Advantage plans, Medigap, Part D, Part A, and Part B contact us.
Find more information about Medicare at www.medicare.gov