Medicare Part B premiums dropping next year: Here are new premiums, lower deductible

Millions of Americans will pay less for Medicare next year.

Medicare’s Part B standard monthly premium will fall to $164.90 in 2023, a drop of $5.20 from last year, the Centers for Medicare and Medicaid Services announced Tuesday. Medicare Part B covers services from physicians, outpatient and home health care, durable medical equipment and other medical and health services not covered by Medicare Part A.

Higher-earning Medicare recipients – roughly 7% of all beneficiaries – will see a similar drop in monthly costs, varying by income. Most Medicare beneficiaries have Part B premiums deducted directly from their monthly Social Security payments.

The annual Part B premium deductible for 2023 is also dropping to $226, $7 less than last year.

Open enrollment for changes to Medicare coverage will start Oct. 15 and last through Dec. 27.

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