Medicare & You 2023: A First Look

• by Christian Worstell
• September 12, 2023
• Reviewed by John Krahnert

Each year, the Centers for Medicare and Medicaid Services (CMS) releases a handbook titled Medicare & You. The handbook, which is made available to all current and future Medicare beneficiaries, is published in the fall for the upcoming year. 

The Medicare & You 2023 guide is now available.

Click here to access and download your copy from Medicare.gov, the official website of Medicare.

Where to get Medicare & You 2023

If you are currently enrolled in Medicare, you should have received a printed copy of Medicare & You 2023 by the end of October, 2022. If you have not received your copy, please call 1-800-MEDICARE (1-800-633-4227) to request one.

Whether or not you are enrolled in Medicare, you may view an electronic version of Medicare & You 2023 and you can download it if you wish.

What does Medicare & You 2023 cover?

Medicare & You 2023 is nearly 130 pages long, so here is a brief summary of what you can expect to find in the guide.

• Updates on what's new in Medicare
  Medicare now offers a range of benefits to help beneficiaries stay healthy in the face of COVID-19, and it's important that you know your Medicare options during the time of coronavirus. Medicare has also updated Medicare sign-up periods, immunosuppressive drug coverage and more, so be sure to read through this early page of the guidebook.
  
  
• Signing up for Medicare
  There are a number of key dates and enrollment periods during which you can sign up for Medicare. Medicare & You 2023 helps explain Medicare enrollment and can help guide you as you sign up.
  
  
• What Medicare covers
  Medicare covers a wide range of services and items, and the Medicare & You guidebook discusses many of these in detail.
  
  
• Your Medicare plan options
  If you’re new to Medicare or are considering other Medicare plan options outside of Original Medicare (Medicare Part A and Part B), the handbook includes information about Medicare Advantage (Part C), Medicare Part D prescription drug plans and Medicare Supplement Insurance (Medigap).  
  
  
• Financial assistance for Medicare health and drug costs
  Medicare & You 2023 includes information about Medicare Savings Programs and other resources for beneficiaries who need some financial assistance to help cover some of their Medicare costs.
  
  
• Medicare rights and fraud prevention
  The handbook discusses your rights as a Medicare beneficiary and includes information about Medicare fraud and identity theft.
  
  
• Additional Medicare resources
  Medicare & You 2023 includes a number of resources available to beneficiaries seeking answers to common Medicare questions, including the contact information for all State Health Insurance Information Programs (SHIPs).
  
  Your local SHIP can provide free and confidential counseling to help you understand your Medicare coverage.
  
  
• Definitions
  There are many Medicare terms to understand, and the guidebook includes a glossary of definitions for your reference.

The better you understand Medicare, the more effectively you may be able to use your benefits. Use Medicare & You 2023 to learn the ins and outs of the Medicare program or call 1-800-MEDICARE with any questions.

Understanding the basics of Medicare

There are four basic parts of Medicare, as well as Medicare Supplement Insurance:

• Medicare Part A
  Part A provides coverage for inpatient care at you receive hospitals and skilled nursing facilities. Everyone who is enrolled in Medicare will typically have Part A.
  
  
• Medicare Part B
  Part B provides coverage for doctor’s appointments and other types of outpatient care, along with durable medical equipment (DME). Part B is optional for all beneficiaries.
  
  
• Medicare Part C
  Also known as Medicare Advantage, this type of Medicare insurance provides all of the same benefits as Part A and Part B combined into a single plan.
  
  Many Medicare Advantage plans also offer some additional benefits not covered by Original Medicare (Part A and Part B). 
  
  
• Medicare Part D
  Part D plans provide coverage exclusively for prescription drugs. Most Medicare Advantage plans include Part D coverage. If you have Original Medicare, you may also be able to enroll in a Part D plan. 
  
  
• Medicare Supplement Insurance
  Also known as Medigap, these plans are used to supplement your Part A and Part B coverage.
  
  A Medigap plan helps fill in the gaps left by Original Medicare by covering certain costs such as deductibles, coinsurance, copayments and other out-of-pocket Medicare expenses. 
  
  You can have a Medigap plan if you have Medicare Part A and Part B. You can also have Part A, Part B, a Part D drug plan and a Medigap plan.

Medigap and Medicare Advantage plans are not the same thing. You cannot be enrolled in a Medigap plan and a Medicare Advantage plan at the same time.

Part A and B of Medicare are provided by the federal government. Medicare Advantage, Medicare Part D and Medicare Supplement Insurance are sold by private insurance companies. 

How much does Medicare cost?

Each type of Medicare coverage can come with its own costs. 

• 2023 Part A costs
  Most people do not pay a premium for Part A of Medicare. You may qualify for premium-free Part A if you worked and paid Medicare taxes for at least 40 quarters (10 full years).
  
  If you paid Medicare taxes for fewer than 40 quarters, your Part A coverage will require a premium of either $278 or $506 per month in 2023, depending on the number of quarters you paid Medicare taxes.
  
  
• 2023 Part B costs
  Most beneficiaries pay the Part B standard premium of $164.90 per month.
  
  However, higher income earners may more for their Part B coverage. This higher amount is called the Income-Related Monthly Adjusted Amount, or IRMAA.
  
  The highest income earners will pay $578.30 per month for their Part B coverage in 2023. 

Medicare Advantage, Medicare Part D and Medicare Supplement Insurance do not have standardized costs because they are sold by private insurance companies. The premiums for these plans will typically vary according to location, carrier and plan selection. 

In addition to monthly premiums, Medicare Advantage plans and Part D plans may feature deductibles and cost-sharing requirements like copayments or coinsurance.

Plan costs and availability may vary by location. 

How do I sign up for Medicare?

There are a few different times of the year (Medicare enrollment periods) during which you may be able to enroll in different types of Medicare plans, which include your Medicare Initial Enrollment Period and the Medicare Annual Enrollment Period.

Initial Enrollment Period (IEP)

Medicare beneficiaries are given an Initial Enrollment Period when they first become eligible for Medicare.

This period begins three months before you turn 65 years old, includes the month of your birthday and continues for another three months.

During this time, you may be able to enroll in different types of Medicare coverage, depending on your eligibility.

Fall Medicare Open Enrollment Period (sometimes called the Annual Election Period, or AEP)

Fall Medicare open enrollment lasts from October 15 to December 7 each year.

Depending on your situation, you may be able to make a number of changes to your Medicare coverage during this fall open enrollment period, such as adding, switching or dropping a Medicare Advantage plan or a Medicare Part D plan.

For many beneficiaries, fall Medicare open enrollment is the only time of the year they can make changes to their Medicare coverage for the coming year. Be sure to review your plan's Annual Notice of Change (ANOC) and call to speak with a licensed insurance agent who can help you compare 2023 plans available in your local area.

What if I have additional Medicare questions?

If you have questions about the Medicare coverage options available where you live, such as Medicare Advantage plans that may offer prescription drug coverage, you can get the answers you need by calling to speak with a licensed insurance agent.

About the author

Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.

Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.

Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.

Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.

A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.

If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.

 

 

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