How much will Medicare cost in 2023? For Medicare Part B subscribers, this is the top-asked question of the moment. For Veterans, we have great news; Medicare costs will decrease with the new year, so you can expect to pay a considerably smaller premium in 2023.
Suggested read: How To Apply for VA Disability & What You Need To Know
How Much Will Medicare Cost in 2023 for Veterans?
Veteran Medicare Part B enrollees will see their premiums, or monthly costs, decrease by 3% in the upcoming year. In 2022, the average Medicare Part B user paid $170.10 per month for their coverage. Starting in January 2023, that average will dip down to just $164.90 – a $5.20 difference. This means Vets will save an average of $62.40 per year on their Medicare costs.
Will Coverage Change Following Medicare Cost 2023 Decrease?
More good news here! There will be no coverage changes for those enrolled in Medicare Part B despite the decrease in your premiums.
Why Are Medicare Costs Decreasing?
Big healthcare didn’t simply grow a conscience overnight. Medicare costs are decreasing across the board thanks to lower-than-expected spending. This means that more money was left in the reserves for this fiscal year (and more money will be left in your pocket come Q4 2023).
I Am a Veteran, Do I Need Medicare?
Many Veterans ask us, “As a Veteran, do I NEED Medicare?” While “need” is a pretty strong word, you probably should take part in Medicare.
If you’re currently receiving VA benefits, you’re not required to enroll in Medicare to continue receiving care from the VA. However, now that we’ve answered the question, “How much will Medicare cost in 2023?” you can see why now is the perfect time for Vets to take advantage of the program. The VA also suggests that you sign up for Medicare for the following reasons:
- You’re covered if you need to visit a non-VA facility.
- VA funding could change at any time.
- If you don’t sign up now but need to sign up later, you’ll have to pay a penalty.
- Your family members may need coverage they can’t get through the VA.
If you’re thinking about getting Medicare, here’s who’s qualified according to Medicare.gov:
- “People who are 65 or older.
- Certain younger people with disabilities.
- People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).”
Types of Medicare
There are three primary types of Medicare you should be familiar with.
- Part A is hospital insurance, and most people don’t pay a premium for this coverage.
- Part B is your primary medical insurance, for which premiums are decreasing in 2023.
- Part D is prescription drug coverage, which also includes vaccinations.
Part B is what you need to be concerned with as a Veteran, but Parts A and D are definitely recommended by the VA. If you have TRICARE and are looking to enroll in Medicare, you have to register AS SOON AS you become eligible. This means you should sign up during the seven-month period that starts three months before you turn 65.
You can enroll after this period, but you will have to pay a penalty if you wait.
Medicare Costs in 2023 Make Healthcare More Viable for Vets
Now that you know the answer to “How much will Medicare cost in 2023?” you can enroll in confidence knowing that you’re getting a great premium and saving money on your coverage. Or, for those of you who are already enrolled, you can sit back and relax as you watch your monthly cost decrease and save you tons of money.
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