Medicare Part B provides coverage for services by a physician, outpatient hospital services, durable medical equipment and other health services that are not covered by Part A. Each year the Medicare Part B premium is revised based upon federal law. In 2022 the standard premium for Medicare Part B was $170.10.
Although Social Security benefits increased in 2023 by 8.7%, the premium for Part B did not increase. Rather, the premium decreased from $170.10 to $164.90. The standard monthly premium for Medicare Part B is $164.90 in 2023.