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Home / Elder Law / An Overview of 2023 Medicare Out-Of-Pocket Costs

An Overview of 2023 Medicare Out-Of-Pocket Costs

February 1, 2023 by Hunter Montgomery

Medicare out-of-pocket costsAs elder law attorneys, we keep a finger on the pulse of government benefits for seniors, and Medicare is one of them. In this post, we are going to share some information about the 2023 Medicare out-of-pocket costs, because they have been adjusted as they are every year.

Four Distinct Parts

Medicare is broken up into four distinct parts. The hospitalization component is Part A, and there is no monthly premium if you have earned eligibility through your payroll tax contributions.

To provide a brief explanation of the eligibility requirement, you have to accumulate at least 40 retirement credits while you are working and paying these taxes. You can earn a maximum of four credits per year, and in 2023, you get one credit for every $1,640 you earn.

It should be noted that a married person can obtain eligibility through their spouse’s work record if necessary.

Part B covers medical treatments that are provided by doctors and other health care providers, but the beneficiary must pay 20 percent of covered expenses.

Part C gives you the ability to use your benefit to buy into a Medicare Advantage Plan that bundles all of the other parts. Medicare Part D is the prescription drug component.

Part A Deductible and Coinsurance Increases

As we have stated, there is no monthly premium for Part A if you have earned the necessary 40 retirement credits. However, there is an annual deductible that has is now $1,600.

This deductible will cover the first 60 days of inpatient care, but you have to pay coinsurance for days 61 through 90. The daily coinsurance in 2023 is $400 per day.

Beneficiaries get 60 lifetime reserve day that cover stays that are longer than 90 days, but the coinsurance requirements are quite a bit higher. The coinsurance is $800 for each lifetime reserve day.

Medicare Part B Premiums and Deductible

You do have to pay a monthly premium for Part B, and there is a deductible. Because certain spending allocations were not exhausted last year, it has actually gone down. This year, most people pay $164.90 a month.

Filers that are in higher brackets pay more, and there are several different thresholds. You can visit the Centers for Medicare and Medicaid Services website to see the entire table.

The deductible this year is $226, and this represents a $7 decrease.

We should point out the fact that beneficiaries are “held harmless” if the Medicare Part B increase exceeds the Social Security cost-of-living increase in a given year. This means that they would not receive a reduced Social Security benefit.

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Hunter Montgomery
Hunter Montgomery
Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC.He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children.In his spare time he dabbles in automobiles, reading history, hunting and fishing.
Hunter Montgomery
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About Hunter Montgomery

Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC. He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children. In his spare time he dabbles in automobiles, reading history, hunting and fishing.

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