I've been getting a lot of questions from my clients about 2023 Medicare coverage and costs. So, I decided to put together a quick guide to break down the expenses associated with each part.
Medicare can be confusing with all the coverages and premiums that come into play, so feel free to reach out if you have questions. I’m here to help however I can.
Medicare Expenses
Despite subsidized Medicare costs, you will still be responsible for certain expenses after enrolling. So what can you expect to spend? This depends, in part, on the type of plan you select.
Private health insurance companies offer coverage under Part C, which will have its own rates and inclusions. This is also known as Medicare Advantage.
Every year, Parts A, B, and D are updated to reflect current coverages and costs. That said, here’s what you can generally expect to pay in 2023:
Part A: $1,600 deductible and variable coinsurance fees.
Part B: $164.90 monthly premium and $226 deductible, with 20% of costs after the deductible is met.
Part D: Monthly premiums vary by plan and pharmacy. The average projected premium in 2023 is $31.50.
You can use these figures to estimate how much Medicare coverage will cost. However, there are other factors that can affect your out-of-pocket expenses, including:
Income level and Medicaid eligibility
Geographic location
Part C selections
Participating providers
Approved vs. denied claims
Supplemental insurance
With that general overview noted, please don’t hesitate to reach out to me with any questions you might have.