2023 MEDICARE CHANGES -Important Information to Know

Medicare 2023

There has been a lot of information in the news lately regarding upcoming changes to Medicare and Medicare plans.  Many of these changes are scheduled to take place over the next several years, however, some changes take effect beginning in 2023.  The Centers for Medicare and Medicaid Services (CMS) recently released information regarding some of these changes as well as anticipated costs for 2023. 

Medicare Part B Premium and Deductible

  • CMS has announced that the base Part B premium amount for 2023 will decrease from $170.10 to $164.90. 
  • In addition, the Part B deductible will decrease from $233 to $226. 
  • For additional information you can view the CMS Fact Sheet HERE.

Medicare Advantage and Prescription Drug Plans (Part D)

  • Average monthly premiums for Medicare Advantage and Part D plans are expected to decrease in Ohio for 2023.
  • Due to the Inflation Reduction Act individuals on Part D will pay a maximum of $35 per month for covered insulin products.  Each Part D plan can still decide which insulin products they will cover on their formulary.
  • Adult vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) will be offered at no cost.  This will now include the shingles vaccine which in the past has been covered as a higher tier medication, often costing hundreds of dollars.
  • Read the complete CMS document HERE.

Although average monthly premiums on Medicare Advantage and Part D plans are decreasing this year, some individual plans have reported significant increases.  Even if your plans premium isn’t changing, the cost of your medications on the plan might be.  We encourage everyone on Medicare to review their Medicare Advantage or Part D plan annually to avoid any surprises.

If you haven’t done so already, contact SourcePoint at 740-363-6677 or MySourcePoint.org/register for your Open Enrollment check-up! *UPDATE NOV 16 – SourcePoint appointments are now full. Please contact OSHIIP at 1-800-686-1578 for assistance.

SourcePoint Insurance Specialists are certified through the Ohio Senior Health Insurance Program (OSHIIP).  They educate consumers about Medicare, Medicare prescription drug coverage (Part D), Medicare Advantage plans and Medicare supplement insurance.  In addition, they provide Medicare beneficiaries with free, objective health insurance information and one-on-one counseling. They do not sell, recommend, or endorse any specific insurance product, agent, or insurance company.  

The information provided has been prepared using sources believed to be reliable and accurate.  We make no warranty or assume any legal liability or responsibility for the accuracy or completeness of this information.  SourcePoint is not responsible for decisions made or actions taken as a result of this information.

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