Medicare Announces 2023 Premium Decrease

Medicare has announced the standard monthly premium for Medicare Part B enrollees will be $164.90 in 2023, a decrease of $5.20 from $170.10 in 2022.

According to the Centers for Medicare and Medicaid Services, the decrease is due to lower-than-projected spending on the new drug Aduhelm and other Part B items and services.

Most Americans’ Part B premium is automatically deducted from their monthly Social Security benefit. If you pay using Social Security’s Easy Pay program, your payment will be automatically adjusted.

However, if you pay your premium from your checking or savings account using an online banking service, you will need to adjust your payment amount to $164.90 before the January payment.