The standard Medicare Part B premium annual deductible will be reduced
The standard Medicare Part B premium climbed from 14.5% to $170.10 each month in 2022. And the annual Part B deductible rose 14.8% to 233 dollars. Those expenditure hikes surpassed the 5.9% Social Security COLA this term.
This means that benefits lost their buying power because of the rising cost of Medicare. Fortunately, the standard Medicare Part B premium will get a tax cut by 3% to $164.90 each month in 2023. And the deductible will drop by 3% to $226 per year.
That translates to most retired workers saving around $70 on Medicare in the coming year. Now we realize that this isn’t much. But the combination of a momentous COLA and reduced Part B premiums might just be a once-in-a-lifetime event!
