In today’s video we’ll cover the 2023 Medicare part B premium and talk about how this premium can increase drastically. If you don’t know the rules, these premium increases can take you by surprise and hit hard! So today, I’ll cover how this works and tell you how you can appeal the higher premiums and get the additional surcharge removed.
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Here are some additional resources to continue learning about Medicare premiums:
IRMAA Reconsideration Form
Medicare Premiums: Rules For Higher-Income Beneficiaries
POMS Policy for MAGI
POMS section on IRMAA Reconsideration
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Medicare Part B Premium 2023: What You Need to Know
As we move into a new year, it’s essential to stay informed about any changes to Medicare premiums. With healthcare costs on the rise, many Americans rely on Medicare to provide them with affordable medical coverage. One crucial aspect of Medicare to consider is Part B, which covers doctors’ services, outpatient care, medical supplies, and preventive services.
In 2023, the Medicare Part B premium, which is the monthly fee paid by beneficiaries, is anticipated to undergo some changes. While the exact amount is yet to be released by the Centers for Medicare and Medicaid Services (CMS), it’s crucial to understand what factors might influence the premium and how it could impact you.
Every year, Medicare premiums are subject to adjustment based on several factors. These factors include inflation, healthcare costs, and legislative changes. The CMS announces the upcoming year’s premium in the fall, giving beneficiaries time to plan or make any necessary adjustments to their budgets. It’s worth noting that not everyone pays the same premium; rather, it is based on income.
The standard premium amount for Medicare Part B in 2022 is $148.50 per month. While this is the base rate established for most beneficiaries, those with higher incomes might pay more. The income brackets that dictate higher premiums are known as income-related monthly adjustment amounts (IRMAAs). The IRMAA thresholds are subject to change each year, so it’s important to stay updated on the latest information.
To determine if you fall under an IRMAA, the Social Security Administration uses tax returns from two years prior. For the year 2023, the IRS tax return from 2021 will be utilized. If your individual tax return shows a modified adjusted gross income (MAGI) exceeding $88,000 or a joint tax return exceeding $176,000, your monthly Part B premium might be subject to an IRMAA. The higher your income, the higher the IRMAA amount you will pay on top of the standard premium.
It’s worth noting that applying for a Medicare Savings Program might help cover the Part B premium for individuals with limited incomes. These programs help beneficiaries who meet specific income and asset requirements, and application procedures may differ from state to state. It’s advisable to inquire with your local Medicaid office to determine if you qualify for any assistance.
To stay updated on the changes to Medicare Part B premium for 2023, it’s recommended to visit the official Medicare website at www.medicare.gov. The website provides accurate and updated information on healthcare coverage, premiums, and enrollment periods.
Planning ahead is crucial when it comes to managing healthcare costs, and Medicare Part B premiums are no exception. By staying informed, individuals can have a better understanding of their financial obligations and take the necessary steps to ensure their healthcare needs are met.
In conclusion, the Medicare Part B premium for 2023 is yet to be announced, but it’s essential to pay attention to any changes. The premium is subject to adjustment based on inflation, healthcare costs, and legislative changes. Higher-income individuals may also be subject to additional IRMAA amounts. Staying informed through the official Medicare website and exploring potential assistance programs will help beneficiaries plan and budget accordingly.
Ur income levels are way above mediums, doesn't help much with us common folk.
The full retirement ages for Social Security benefits are now 67-70, but we have to apply for Medicare at 65? Does this mean we have to pay out of pocket until we apply for benefits? What if we already have a medical plan that is actually cheaper? Do we still have to apply and pay to avoid the lifetime penalty every month? If we have Tricare, will we be paying for both out of pocket until at least 67? Please make a video addressing this problem. Thanx…
My wife will be on Medicare in March. I am younger and not eligible yet. In 2021 we had an unexpected increase in income due to several unit trusts that all happened to roll over that year causing a huge capital gain that we had to pay tax on (gains which all went down with the stock market in 2022>>all gains erased and then some). Our usual average AGI is less than half normally. Could Medicare Part B increase be fought so that we wouldn't have to pay $329.70 instead of the $164.90 that it should be? Does Medicare Part B premium get reassessed every year? We are tired of getting screwed every way we turn. We don't get a 'deal' on our private health insurance now. We pay the whole premium which costs more per year than a lot of people make in income period. We had hoped to be saving on health insurance costs when she goes on Medicare. The system we have in the US is F'd up!
Would like to see a breakdown (with examples) of how to calculate AGI for Irmma.
Why can’t I use my Medicare while living abroad? Medical expenses are far cheaper here so it would be saving money for my treatment.
Medicare Part B IS NOT CHEAP…..esp for low income seniors. Because we paid into it our entire lives the premium should not be any more than 100.00 AT THE MOST. And BS for parts A, B, C, and on and on. It should all be encompassed into one .
The new Republican tax plan calls for creating a 23% federal sales tax, (on top your state and local sales tax) and eliminating income and payroll taxes….which eliminates Social Security and Medicare…None of this will matter when they get full power again.
Thank you again
Anyone making over $100k can easily afford full insurance premiums. Ridiculous that they even receive subsidized Part B premiums. If they quit subsidizing high income individuals, this would leave lower premiums for part B for everyone else.
The payroll withholding is for part A. Not part B as stated in the video
Nothing new here.
My retirement insurance was much less this. I find the 164.90 considering we’ve paid into the program extremely high.
Can I get a check for my deceased wife not remarried or I never .she passed in 2no children after divorce I'm on ssi she was on ssdi I think we were married 20 years …reply please if you can
How can I get ahold of that retirement Calculator
Thank you, keep up the good work.
Ok so I'm 64 now and in 2022 I moved and sold my home, home we lived in for 22 years straight we made around 200K off the sale of the old home. Will that count against my income?
Yep, I had large distributions in 2021 and 2022 due to selling of Apartment investments and Medicare premium rates jumped 400% for this year and next. I am now paying $500 a month for Medicare Part B. So instead on an increase in my monthly check, I am getting $65 less. Medicare is how the government takes back the taxes it loses every where else.
165.00 is not cheep man,not for me
Do you have to be on medicare if you were a disable veteran, and go to the VA hospital?
My wife received a lump sum one time payout of her Annuity because she left that job in 2021 of $190,000 ….all years prior to 2021 we were well below any IRRMA added penalty….in 2021 of Aug she changed jobs and to the present we are WELL below the 190,00 income….What are my chances of getting the IRRMA removed and what evidence do we need to provide…Federal income tax for 2020…2022 ?…pay stubs of 2020 and 2022???? TY in advance.
My wife and I have medical insurance now. We both are not retired yet. We opted out of Part B until we retire. What do we have to do when we do retire and what do we need to re-establish getting Part B and don't get the penalty…
If you are seeing multiple heath-care providers and its early January, how is the Part B deductible handled? Who keeps track of what you owe? Medicare? Does the first place you go bill you the full amount or what. Can you pay over time?
What a crock.
Work 2 jobs, holidays, weekends, swing shift, overtime…..all to be punished for it when you retire.
Medicare isn't cheap or free …we pay for it our entire working life and STILL pay a monthly premium.
You're better off to stay broke and lay on Medicaid your entire life.
Hey thanks for this information Devin. I'm a nurse and I will be applying for Medicare at 65 in 6 months. But I will still be working per diem with no benefits. Sounds complicated. But I will be working part time and definitely not making more than 100k a year. So Medicare will hopefully will be less than my health insurance premium that I pay now
It's not cheaper than ACA plans. Depending on what you sign up for and your income Obamacare can be free. I think my grandmother said hers was $75 a month Silver plan. She's retired but when she turns 65 medicare is going to cost her nearly double just for Part B. Then there is dental and other add ons that is going to make it even more expensive. Seniors should be able to keep their ACA plan instead of being forced to go on Medicare when they turn 65. Medicare is no bargain.
Medicare is not so "cheap". I don't like it and was forced to be enrolled in it. I need back surgery. Before Obama took over, it would have cost about $10,000 out of my pocket. After Obama destroyed our insurance industry, it will now cost me about $50,000, if not more. Just the fact that our Government has become our "caretakers" pisses me off. Sic Semper Tyrannis
Something is wrong somewhere. When I retired on my sixty fifth birthday in September of 2020 I ended up paying over $220 a month for my Medicare B and I barely had made $100,000 for that tax year. I'm still paying that as of my December payment and have since dropped way down in income. Not only that, I had made an overpayment in that first year of 2020 and never got a check from them for that overpayment. I absolutely hate calling those people so I've just let that go but this 2023 January payment better be corrected or I'll definitely be calling
I went to a indurance seller for a supplrment plan and i think they put me on an aetna advantage plan. Is that a bad thing?
I'm USNvet with Tricare select, I'll be 60 in Aug, I'm on SSDI, do I need the Medicare now or at 67?
i am a disabled retiree who does not have to pay for any of this stuff. Could you please talk about this in a separate video?