Local Insurance Experts: Expect Social Security, Medicare Changes in 2023

Bill Green Green Insurance Agency

ORANGE PARK – Bill Green tells Medicare beneficiaries that two historic announcements on Social Security and Medicare next year will see a nearly 8.7% increase in Social Security, the largest increase in the program’s history I’m telling you. Medicare Part B premiums and Part B deductibles also help reduce costs by covering physician services, outpatient hospital services, durable medical equipment, and other medical and health services not covered by Part A. cheaper.

Standard Part B premiums for 2023 will drop by $164.50 from $170.10 this year, said Green, president and owner of Orange Park’s Green Insurance Agency. The annual Part B deduction is $226, a decrease of $7 from $233.

“In 2022, the estimated cost of a new Alzheimer’s drug called aducanumab, branded by Aduhelm, has led to a significant increase in Part B premiums,” said Green. “As costs and usage were unknown into 2022, the Centers for Medicare and Medicaid Services raised premiums significantly to create additional reserves ahead of the Medicare Trust Fund.

“However, because costs and usage were lower than expected, the premium cut is an attempt by CMS to return some of its reserves to Medicare Part B recipients.”

Centers for Medicare and Medicaid Services are part of the U.S. Department of Health and Human Services.

The 2023 Medicare annual enrollment period is ongoing and will end on December 7.

“This is the time when people eligible for Medicare can compare the original Medicare, Medicare Advantage, and Part D prescription drug plans scheduled for 2023,” Green said. “Because the cost and coverage of Medicare health and medicine plans can change each year, people with Medicare should review their coverage options each year to determine which option best suits their health needs. I have.”

Additionally, Part A covers some of the beneficiary’s hospital expenses, but the 2023 deductible increases from $1,556 to $1,600, a slight increase of $44. Green said her second part of Part A was a post-hospital stay in an advanced nursing facility. Medicare will cover his first 20 days of SNF for free. This is a slight increase from $194.50 a day to $200 after his 20th day.

“Part A is free for most Medicare beneficiaries, but if they or their spouse do not have at least 40 quarters of work credit, they will have to pay the Part A cost. , based on the number of quarters you have reported,” Green said. “If the quarter is 30 or more, the premium to buy Part A is $278, and from 2022 he will increase by $4. If the quarter is less than 30, he will increase by $7 to increase his I will pay the premium in full.”

Green provides more information about Medicare in his recently published book. This book helps baby boomers and seniors navigate the complex insurance process and offers advice and tips for better decision making. “Medicare Breakdown, The Alphabet Soup of Medicare” is available free of charge to anyone interested in learning more at medicarealphabetsoup.com. Green and his team have helped thousands of people in the Medicare and insurance coverage industry.

Green attends numerous conferences and seminars each year in the fields of Medicare and insurance. Green is a member of the National Association of Health Underwriters, Jacksonville Association of Health Underwriters, Baker County Chamber of Commerce, and Clay Chamber.

For more information, call (904) 717-1176 or email bill@greeninsagency.com. Please visit the following website:

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