Medicare officials announced today that the standard Part B premium will decline next year by $5.20, to 164.90. That will be welcome news for retirees - especially those looking forward to a large Social Security cost-of-living adjustment (COLA), projected around 8.7%
The $5.20 a month decrease in part B Medicare for 2023 doesn't even come close to helping seniors out. We paid $148.50 a month in 2021 for part B and in 2022 we paid $170.10/month. By decreasing the amount by $5.20/month for 2023 saves us $62.40 a YEAR for 2023. But our premiums increased by $259.20 a year in 2022 for a drug that wasn't used as much as Medicare said it would, and the company who manufactures it lowered its cost annually to patients from $58k to 28.8K. I would say we got punked by Medicare. We may be older citizens but we aren't dumb.
The $5.20 a month decrease in part B Medicare for 2023 doesn't even come close to helping seniors out. We paid $148.50 a month in 2021 for part B and in 2022 we paid $170.10/month. By decreasing the amount by $5.20/month for 2023 saves us $62.40 a YEAR for 2023. But our premiums increased by $259.20 a year in 2022 for a drug that wasn't used as much as Medicare said it would, and the company who manufactures it lowered its cost annually to patients from $58k to 28.8K. I would say we got punked by Medicare. We may be older citizens but we aren't dumb.