Social Security Medicare Premiums 2023

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The standard monthly premium for Medicare Part B will go down to $164.90 in 2023, which is $5.20 less than it was in 2022.

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Changes to Medicare coverage for next year can be made between Oct. 15 and Dec. 7 during the open enrollment period.

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The premium drop follows the big 2022 increase, which was the biggest dollar increase in the program's history.

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Part B pays for doctor visits, diagnostic tests, and other services that don't happen in a hospital.

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Most people who get Medicare have their Part B premiums taken out of their monthly Social Security checks.

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AARP had asked CMS to lower the Part B premium for 2022 because the price of Aduhelm had gone down and the agency had given the drug limited approval.

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"The news that Part B premiums and deductibles are going down today is a fantastic news for seniors," said AARP's Nancy LeaMond.

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The expected cost-of-living adjustment for Social Security and the reduction in Medicare costs will help older Americans out financially in a big way.

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CMS also announced the premiums for people on Medicare who pay more each month because of how much money they make. These fees will also go down.

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Part B recipients who make more than $97,000 a year will pay more than the standard premium. How much more will depend on how much more they make.

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Most people with Medicare must pay the Part B premium. CMS says that about 7% of people on Medicare pay more than the normal monthly premium. 

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