How much is the part b premium for 2022

Dena Bunis covers Medicare, health care, health policy and Congress. She also writes the “Medicare Made Easy” column for the AARP Bulletin. An award-winning journalist, Bunis spent decades working for metropolitan daily newspapers, including as Washington bureau chief for the Orange County Register and as a health policy and workplace writer for Newsday.

Medicare Part B Premiums Decline in 2023

September 2022

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The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium will be $164.90 in 2023, a decrease of $5.20 from $170.10 in 2022. This follows an increase of $21.60 in the 2022 premium, largely due to the cost of a new Alzheimer’s drug. Changes in the drug’s use and price, along with other Part B items and services, led to larger financial services that resulted in the lowered premium for next year.

Certain beneficiaries will continue to pay higher premiums based on their modified adjusted gross income. The monthly Part B premiums that include income-related adjustments for 2023 will range from $230.80 to $560.50, depending on the extent to which an individual beneficiary’s modified adjusted gross income exceeds $97,000 (or $194,000 for a married couple). The highest rate applies to beneficiaries whose incomes exceed $500,000 (or $750,000 for a married couple). CMS estimates that about 7 percent of Medicare beneficiaries pay the income-adjusted premiums.

Beneficiaries in Medicare Part D prescription drug coverage plans pay premiums that vary from plan to plan. Part D beneficiaries whose modified adjusted gross income exceeds the same income thresholds that apply to Part B premiums also pay a monthly adjustment amount. In 2023, the adjustment amount ranges from $12.20 to $76.40.

The Railroad Retirement Board withholds Part B premiums, Part B income-related adjustments and Part D income-related adjustments from benefit payments it processes. The agency can also withhold Part C and D premiums from benefit payments if an individual submits a request to his or her Part C or D insurance plan.

The following tables show the income-related Part B premium adjustments for 2023. The Social Security Administration (SSA) is responsible for all income-related monthly adjustment amount determinations. To make the determinations, SSA uses the most recent tax return information available from the Internal Revenue Service. For 2023, that will usually be the beneficiary’s 2021 tax return information. If that information is not available, SSA will use information from the 2020 tax return.

Railroad retirement and social security Medicare beneficiaries affected by the 2023 Part B and D income-related premiums will receive a notice from SSA by the end of the year. The notice will include an explanation of the circumstances when a beneficiary may request a new determination. Persons who have questions or would like to request a new determination should contact SSA after receiving their notice.

Additional information about Medicare coverage, including specific benefits and deductibles, can be found at Medicare.gov.

The 2023 monthly premium for Medicare's outpatient care coverage will be about 3% lower than it is this year, the government announced Tuesday.

The standard monthly premium for Part B will be $164.90 next year, down $5.20 from $170.10 in 2022, according to the Centers for Medicare & Medicaid Services.

The annual deductible for Part B will be $226 in 2023, a decrease of $7 from $233 in 2022.

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This year's Part B premium had jumped more than expected from 2021 due to the Medicare program's projected spending on Aduhelm, a drug that battles Alzheimer's disease. Lower-than-expected spending on both Aduhelm and other Part B items and services resulted in larger financial reserves for Part B, allowing the program to reduce next year's cost to beneficiaries.

Meanwhile, the deductible for Medicare Part A (hospital coverage) per benefit period (which generally starts when you are admitted to the hospital) will be $1,600 in 2023, up $44 from this year's $1,556. That applies to the first 60 days of inpatient care.

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For the 61st through 90th day, the coinsurance will be $400 per day, up from $389 this year. For lifetime reserve days, the charge will be $800 per day (up from $778 in 2022).

Additionally, so-called income-related adjustment amounts, or IRMAAs, will kick in for single beneficiaries at modified adjusted gross income of more than $97,000, up from $91,000 this year. For married beneficiaries filing a joint tax return, the extra monthly charge will apply if income is above $194,000, up from $182,000 this year.