CMS just announced the updated Part B premiums for 2023.
The main reason for the reduction in the Part B Premiums for 2023 was the very large increase in 2022 due to an Alzheimer's medication, which has since reduced in price and coverage with Medicare.
The Income Related Monthly Adjustment Amounts (IRMAAs) were also updated for 2023. You can find the tables below for individuals with income greater than $97,000 (or joint filers with income greater than $194,000). This income is based on your MAGI (Modified Adjusted Gross Income) from your 2021 Tax Return. These IRMAAs only affect about 7% of people with Medicare Part B.
If you are in one of the higher income brackets for the Part B IRMAAs, there is an additional IRMAA for the Part D Drug Coverage. The updated table for 2023 can be found below.
The table below shows the sum of the Part B Premium, Part B IRMAA, and Part D IRMAA for the higher income brackets for 2023.
The other changes for 2023 that were included in the announcement are below.
If you have a Medicare Supplement Plan F, Plan G, or Plan N, the Part A cost-sharing is fully covered by the Supplement so these changes below will not impact you.
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