Medicare Part B premium

The current base Medicare Part B premium is $170.10. CMS has indicated it likely will not change in 2023. Some observers call for a reduction.

A reduction would be a mistake. The 2021 Medicare trusteee report estimated the 2023 Part B premium at $169.90 and $180.60 for 2024. The 2022 report estimates the 2024 premium at $175.30.

If there is a reduction from $170.10, there is a greater chance of having to play catch-up in 2024.

4 comments

  1. Remember the “hold harmless” provision prevents Medicare Part B premiums from having increases larger than Social Security COLAs, therefore at times keeping the premiums lower than they should be and at times they have to play caught up when the COLAs allow. Of course there were a few years where premium did decrease or stayed the same. Since healthcare is always increasing faster than inflation, I would always expect Medicare costs to increase too, thus the premiums.

    Personally, I been wondering if all the Covid costs from treatments and testing to “free” vaccines have been factor into the whole healthcare insurance system (private and Medicare) or are they still trying to figure out the costs? There was a lot of government money throw around and I wonder if the accounts are still figuring who is paying the bill.

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  2. I thought the reason for the proposed reduction in 2023 was almost certain because 2022 was higher than it should have been. (It included an Alzheimer’s drug that is not only unproven but will be less expensive than originally thought if eventually approved). Can you explain?

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    1. Agreed as to the reason it was high, but I still want to know why the Part B premium went up for an anticipated increase in drug cost, but Part B does not cover drugs – that is Part D.

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