December 4, 2022

President Biden said Tuesday during a White House event that Medicare beneficiaries would see their Part B premiums drop for the first time in more than a decade.

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According to the Centers for Medicare and Medicaid Services, monthly Part B premiums, which are currently set at $170.10 in 2022, will drop to $164.90 in 2023 — a savings of $5.20 per month, or about $64 per year. The annual deduction for Part B will be $226, which is $7 less than $233 in 2022.

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“It means they have more money in their pockets,” Biden said of the millions of seniors and people with disabilities on Medicare. Biden was at a White House event discussing changes to Medicare under the Inflation Reduction Act passed in August.

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CMS said the decrease could be attributed to previously higher estimates for spending on Part B services and a new Alzheimer’s drug called EduHelm. The agency said the overestimation led to a large reserve in the Part B account, which the government passed on to beneficiaries to deduct any premium increases.

Medicare Part B covers medical services, such as doctor and outpatient hospital visits, certain medical equipment and other needs that are not covered by Part A, which is hospital inpatient coverage. Part B premiums depend on the beneficiaries’ modified adjusted gross income (for example, a single taxpayer earning $97,000 or less in 2022 would pay $164.90 per month, while someone earning between $153,000 and $183,000 per year, He will pay $428.60 per month.,

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Medicare’s annual enrollment period opens on October 15 for coverage beginning in 2023.