The year 2023 brings changes to the rules, limits and options on all kinds of federal programs and Medicare is no exception. Roughly 65 million senior citizens who rely on Medicare for health coverage will pay less for several things, but more for Part A coverage. They will also get free vaccinations and a long-needed cap on charges for insulin. Here\u2019s what you need to know.<\/p>\n A financial advisor<\/a> can help you create a financial plan for your health expenses in retirement.<\/p>\n Six Medicare Changes for 2023<\/strong><\/p>\n The Centers for Medicare & Medicaid Services (CMS) says that at least 64.5 million Americans relied on Medicare<\/a> Parts A and\/or B as of August 2022. Here are six big changes that will impact Medicare coverage<\/a> in 2023:<\/p>\n Part A costs are increasing<\/strong>: Part A covers hospitalization and charges no premiums<\/a> to most enrollees, based on their work history or their spouse\u2019s. For the 1% of participants who do pay, premiums will increase from $274 to $278 per month for people with more than 30 quarters of work history but less than 40 quarters. For those with less than 30 quarters of work history, the premium rises from $499 a month to $506 a month.<\/p>\n Other Part A changes:<\/strong> The deductible increases from $1,556 to $1,600 this year. The daily co-insurance charge<\/a> that kicks in after the first 60 days of hospitalization goes from $389 to $400 per day for the 61st through 90th day of inpatient care. After 90 days, the co-pay is $800 per \u201clifetime reserve day,\u201d with a maximum of 60 reserve days during your lifetime.<\/p>\n Part B premiums decrease:<\/strong> Part B covers outpatient care and the premium dips from $170.10 last year to $164.90. Higher-income enrollees pay more, based on their 2021 adjusted gross income. Most participants have their Part B premiums automatically paid from their Social Security payments<\/a>, which gets an 8.7% cost of living adjustment this year. The premium decrease means that enrollees will be able to use the entire increase for other expenses.<\/p>\n