Bill Green advises seniors about two historic announcements for social security and Medicare in 2023

ORANGE PARK, Fla. - Sept. 30, 2022 - PRLog -- Bill Green, president and owner of Green Insurance Agency in Orange Park, Fla., advises Medicare beneficiaries that two historic announcements for next year with social security and Medicare includes an expected social security increase of approximately 8.7 percent, the largest increase in the program's history. Also, the Medicare part B premium and part B deductible will cost less with coverage for physician services, outpatient hospital services, durable medical equipment, and other medical and health services not covered by part A.

According to Green, in 2023, the standard Part B premium will reflect a decreased amount with $164.50 from this year's cost of $170.10. The annual deductible for part B will be $226, a decrease of $7 from $233 in 2022.

Additionally, while Part A covers a portion of hospital costs for beneficiaries, the deductible for 2023 is increasing from $1556 to $1600, a small $44 increase. Green says, this is still not terrible to be covered for the first 60 days of hospitalization. He continues, the second part of part A is a stay in a Skilled Nursing Facility, or SNF, for recovery after a hospital stay. Medicare covers the first 20 days in a SNF at no cost to the beneficiary. That is a slight increase from $194.50 to $200 per day after day 20.

"Part A is no cost for the majority of Medicare beneficiaries, however, if they or their spouse do not have at least 40 quarters of work credits then you have to pay for part A. That cost is based on the number of quarters you have reported," said Green. "For those with at least 30 quarters, the premium to buy part A is $278, a $4 increase from 2022. Those with less than 30 quarters pay the full premium of $506, an increase of $7." For more information, call 904-717-1176 or email bill@greeninsagency.com. Visit the website at https://greeninsagency.com.