Part B of Medicare provides coverage for services rendered by a physician. Medicare Part B is not free and requires that a person pay a premium for this coverage.
For most individuals the Part B premium was $148.50 per month in 2021. The premium increased by almost 15% in 2022. This year the monthly premium for Part B is $170.10. The primary reason why the Medicare Part B premium increased this year is due to the very expensive new Alzheimer’s drug, Aduhelm. This is a drug that is administered intravenously in a physician’s office. The price of this drug was initially $56,000 per year but the cost of the drug has significantly decreased.
The monthly premium for Medicare Part B will decrease in 2023. The premium will be reduced by approximately 3%. Beginning next year most individuals will pay $164.90 each month for Part B coverage.
The last time the Medicare Part B decreased was 10 years ago. There was a 13.4% decrease in the monthly premium in 2012. It went from $115.40 to $99.90.