Medicare Premium is Going Down in 2023! Medicare Annual Enrollment Period is here!
New Jersey Medicare Brokers is thrilled to kick off the fall season with some good news; Medicare's 2023 premium has been announced and will be reduced to $164.90 on January 1st 2023. Additionally, the deductible for Medicare Part B (Medical) is being reduced from $233 to $226 for 2023. Individuals and couples who pay a higher premium for Medicare Part B and Medicare Part D because of Income Related Monthly Adjustment Amount (IRMAA) will also pay less in 2023. The chart with Medicare's premiums based on Modified Adjusted Gross Income is below.
Medicare Advantage plans and Prescription Drug plans (Medicare Part D) change annually, and the New Jersey 2023 plans are released on October 1st. Don’t assume that since your coverage worked well for you in 2022, it will be a good fit again in 2023. Every year there are changes to the coverage; you should have received an Annual Notice of Change (ANOC) document from your insurance carrier explaining the insurance coverage details for 2023.
During the Medicare Annual Election Period, October 15th to December 7th, you may either keep your current insurance coverage for next year or change to a different plan. The new coverage will begin on January 1st, 2023. Below are the four most common changes to prescription drug coverage from one year to the next:
- The monthly premium
The monthly fee that you pay for coverage changes from one year to the next. Sometimes it stays at or around the same price, and occasionally, the monthly premium on the Medicare Part D plan goes down! However, there are sometimes significant price increases, and we expect that a few plans in 2023 will have a higher premium than in 2022.
- The costs of medications
Whether you get your medications through a Medicare Part D plan or they are included in your Medicare Advantage coverage, the insurance categorizes the medications into a tiered system. Typically, a tier 1 medication is the lowest cost, tier 2 is slightly higher, and tier 3-5 are more costly medications. Medication tiers may vary by carrier and plan and can change annually.
- The prescription deductible
The maximum prescription deductible for Medicare Advantage plans and Medicare Part D plans will increase from $480 in 2022 to $505 in 2023. In New Jersey, plans are available ranging from $0 deductible up to $505. Be sure to check the details of your plan in the ANOC document to see if the deductible is changing in 2023.
- The pharmacy network
You will pay the lowest medication cost at a “preferred pharmacy” or a carrier’s mail-order pharmacy versus a “standard pharmacy”. Make sure your pharmacy is still considered a “preferred pharmacy” for your plan in 2023.
New Jersey Medicare Brokers agents are working to ensure that in 2023 you’ll be covered by the Medicare plan, which meets your prescription and healthcare needs at the lowest out-of-pocket expense.
If you or anyone you know have any questions about Medicare and the coverage options available, reach out to New Jersey Medicare Brokers at 800-797-0605 or www.njmedicarebrokers.com. We look forward to helping you with this important decision.
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