Medicare Premiums Will Decrease in 2023

Senior man at a doctor's office talking to doctor

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.