Changes in Medicare Due to COVID-19
Learn how Medicare structure has been amended in the midst of COVID-19
Eight Medicare Changes in 2023, You should be Aware of
Following the emergence of the coronavirus (COVID-19), modifications to Medicare coverage were enacted in order to safeguard the health and safety of the millions of beneficiaries. Learn more about the coronavirus and Medicare.
- Changes in Medicare Part A
- Premiums: The cost of the Medicare Part A premium has grown for those who do pay it, even if the majority of people do not. Paying $274 per month in 2022, individuals who work for 30 to 39 quarters in their lives will pay $278 in 2023. Less than 30 quarters of employment in a lifetime will result in a $506 monthly payment, up from $499 in 2022.
- Deductible: In 2023, it will be $1,600 for each benefit period, an increase of $44 from 2022.
- Coinsurance: When care is required for a period of time longer than 60 days, there is a coinsurance fee. Payments for Medicare Part A beneficiaries has risen by $11 from 2022 as $400 per day shall be charged from days 61 through 90 as compared to previous structure. Your lifetime reserve days coinsurance after 90 days will be $800 per day, an increase of $22 from 2022. Once you have spent no more than 60 consecutive days in a hospital or nursing home, your benefit term renews, and your deductible and coinsurance amounts are adjusted.
2. Changes in Medicare Part B
- Premium: In 2023, the Medicare Part B basic premium for individuals earning less than $88,000 per year or couples earning less than $176,000 per year would be $164.90.
- Deductible: For 2023, the Medicare Part B deductible will be $226 annually, down $7 from 2022.
3. Changes in Medicare Advantage Plan (Part C)
The cost of Medicare Part C, often known as Medicare Advantage, varies depending on your plan and insurance provider. End-Stage Renal Disease patients will be able to sign up for Medicare Advantage plans starting in 2021.
4. Modifications to Medicare Part D (Prescription Drug Plan)
Like Medicare Part C, variations in the cost of your Medicare Part D plan depend on your carrier and plan. The Medicare Part D annual out-of-pocket limit for 2023 is $7,400, and the deductible, which varies depending on your plan, is $505. You incur a copay of up to $4.15 for generic drugs and up to $10.35 for name-brand drugs after you’ve reached the out-of-pocket maximum, or a 5% coinsurance fee.
4. Modifications to Medicare Part D (Prescription Drug Plan)
Like Medicare Part C, variations in the cost of your Medicare Part D plan depend on your carrier and plan. The Medicare Part D annual out-of-pocket limit for 2023 is $7,400, and the deductible, which varies depending on your plan, is $505. You incur a copay of up to $4.15 for generic drugs and up to $10.35 for name-brand drugs after you’ve reached the out-of-pocket maximum, or a 5% coinsurance fee.
5. Changes to the Medicare Supplement Plan (Medigap)
The cost of Medigap policies, commonly known as Medicare Supplement insurance, varies according to the carrier. Once you’ve met your $2,490 out-of-pocket with Plan G in 2023, your Plan G coverage will begin to pay the remaining costs. In 2023, Medicare will cover its portion of the costs first.
6. High-Income Inflation Adjustments
2020 marked the start of the income brackets’ inflationary adjustments. Now, Medicare Part B and Part D premiums for high-income beneficiaries have risen. In 2023, the starting point for the “high-income” category is $97,000 per year for single people and $194,000 for married couples. The monthly Part B premium for people with high incomes can range from $164.90 to $560.50.
7. ESRD Patients Can Participate in Medicare Advantage Plans
Individuals with ESRD are also able to sign up for Medicare Advantage plans since January 1, 2021. As a result, there are more options for managing chronic diseases and perhaps even more flexible or cheap payment options.
8. Telehealth Services Expansion and Maintenance
In response to the COVID-19 outbreak, Medicare increased the services that are covered under its telehealth program. Medicare will pay for telehealth-assisted doctor’s appointments, hospital stays, and other services. Medicare policyholders can now access a larger range of treatments thanks to telehealth without endangering their own or others’ health. People with Medicare Advantage plans can anticipate coverage to include telehealth services in addition to Original Medicare. Through December 31, 2024, these extended telehealth services will continue to be covered.
Choose DreamhealthQuotes to navigate 2023 Medicare Changes
With regard to the changes to Medicare that took effect in 2023, DreamhealthQuotes aims to ease any concerns or worries you may have. The annual enrollment period for the Medicare Advantage and Prescription Drug Plan runs from October 15 to December 7 each year. You can ask us any questions you may have about your coverage options during this Medicare Annual Enrollment Period, and we’ll make sure you continue to receive the benefits you are entitled to.
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