On September 27, 2022
, the Centers for Medicare and Medicaid Services (CMS) announced that both the Medicare Part B premium and deductible would decrease in 2023. Likewise, Medicare Part B IRMAA paid by higher-earning Medicare beneficiaries would decrease slightly. However, the 2023 Medicare Part A deductible, cost-sharing, and the 2023 Part A premium will increase slightly.
Reminder: What is Medicare Part A and Part B ?
Medicare Part A is coverage of your inpatient, skilled nursing facility, hospice, home health, and hospital care.
Medicare Part B is coverage of your doctor visits, home health care, durable medical equipment (such as wheelchairs), preventative care, and outpatient care.
In more detail, CMS notes
: "[Medicare] Part B is the voluntary portion of the Medicare program that pays all or part of the costs for physicians’ services; outpatient hospital services; certain home health services; services furnished by rural health clinics, ambulatory surgical centers, and comprehensive outpatient rehabilitation facilities; and certain other medical and health services not covered by Medicare Part A, Hospital Insurance.
Medicare Part B is available to individuals who are entitled to Medicare Part A, as well as to U.S. residents who have attained age 65 and are citizens and to non-citizens who were lawfully admitted for permanent residence and have resided in the United States for 5 consecutive years. Part B requires enrollment and payment of monthly premiums . . .." [formatting added]