Table of Contents
On Sept. 27, 2022, the Centers for Medicare and Medicaid Services (CMS) announced the 2023 standard monthly premium and annual deductible rates for Medicare Part B coverage, and for the first time in a decade, rates are lower than the year prior.
Effective January 2023, most U.S. residents enrolled in Original Medicare or a Medicare Advantage plan will pay a monthly Plan B premium of $164.90 and an annual Plan B deductible of $226. In 2022, beneficiaries paid a monthly premium of $170.10 ($5.20 more a month than the new rate) and an annual deductible of $233 ($7 more than the new rate).
What Is Medicare Part B?
Medicare Part B is one of the two arms of Original Medicare that provides medical insurance. Part A provides hospital insurance and coverage for some expenses associated with hospice and home health care. Meanwhile, Part B covers medically necessary services needed to diagnose or treat a medical condition, as well as preventative health care (like general physician visits and flu shots). Part B also covers:
- Clinical research
- Ambulance services
- Durable medical equipment
- Mental health care
- Limited outpatient prescription drugs
Many beneficiaries enrolled in Medicare Part B also elect to enroll in a Part D prescription drug plan for additional coverage of various medications they may need. Some opt for a Medicare Advantage plan, which can bundle the benefits of Part A, Part B and Part D with additional benefits like vision, dental and hearing care through a private insurance provider.
When Can You Enroll in Medicare Part B?
Medicare open enrollment for 2024 begins on Oct. 15, 2023, and ends on Dec. 7, 2023. During this timeframe, all eligible U.S. adults can compare their various Medicare coverage options and switch plans however best fits their health care and financial needs.
Those newly eligible for Medicare coverage—typically due to turning 65 years old—can apply for benefits in the three months prior to their birthday month, during their birthday month and in the three months following their birthday month by visiting the Social Security Administration’s website and completing the online application. You can also apply for Medicare benefits by calling 1(800) 772-1213 or visiting a Social Security office near you.
Depending on your situation and the state in which you live, you may also be eligible for a special enrollment period. To learn more about potential additional enrollment options, reach out to your local Medicare office.