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Changes In Medicare 2023: Key Takeaways
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Medicare is made up of many parts, with each part providing a different type of coverage.
Part A covers hospital expenses and other major medical costs for serious illness and injury.
Part B covers basic medical costs such as doctor visits, outpatient therapy, lab work and medical equipment and supplies.
Part C – Medicare Advantage Plans are special medical insurance policies sold by private insurance companies.
Part D – Prescription drug coverage.
Medicare is made up of many parts, with each part providing a different type of coverage.
Part A covers hospital expenses and other major medical costs for serious illness and injury.
Part B covers basic medical costs such as doctor visits, outpatient therapy, lab work and medical equipment and supplies.
Part C – Medicare Advantage Plans are special medical insurance policies sold by private insurance companies.
Part D – Prescription drug coverage.
Part A Changes
Premium: The vast majority of people do not have to pay for Part A coverage. For those who did pay not enough Social Security taxes while they worked, the premiums are between $252 – 458 per month.
Deductible: For the first 60 days of any hospitalization – $1,408 per each such period.
Coinsurance (Copayment): For days 61 – 90 of hospitalization is $352 per day and $704 per day for up to a subsequent 60 days.
Skilled Nursing Facility: Deductible as above for first 20 days, then $176 per day coinsurance for days 21 – 100.
Part B Changes
Premium (paid by everyone): $145 per month.
Deductible: $212 per year.
Copayment: 20% of covered expenses.
Part D (Prescription Drugs Coverage)
Premium: Average of $31 per month (varies according to each specific policy).
Deductible: Can be zero up to a maximum of $445, depending on specific policy.
Medicare Advantage Plans (Part C)
These supplementary policies are sold and administered by private insurance companies, but regulated by the government. These companies basically set their own premiums, deductibles and copayments within government guidelines. However, the government has mandated some coverage changes for these types of policies:
– Expanded Telehealth Coverage: Remote medical care, using the internet, by not just general family doctors, but also specialists in Cardiology,
Dermatology, Endocrinology, Gynecology and Psychiatry.
– Patients with end-stage renal disease (ESRD) must be allowed to enroll in Medicare Advantage plans.
