Medicare Costs to Go Down in 2023

Lower-than-expected spending on an expensive drug and other things means beneficiaries will pay less next year.

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Medicare beneficiaries are getting a rare bit of good news as their Part B premiums and deductibles will tick down next year after the government health insurance plan spent less than projected in 2022. Unfortunately, the cost reductions beneficiaries will see next year are much smaller than the increases they shouldered this year. But costs will also go down for Medicare Advantage and Medicare Part D prescription drug plans.  At the same time, deductibles for hospitalization costs under Part A will be going up. If you’re new to Medicare and wondering what these letters are all about, we’ll get to that – see Medicare Open Enrollment Presents Choices, below.

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Senior Retirement Editor,

Elaine Silvestrini has worked for Kiplinger since 2021, serving as senior retirement editor since 2022. Before that, she had an extensive career as a newspaper and online journalist, primarily covering legal issues at the Tampa Tribune and the Asbury Park Press in New Jersey. In more recent years, she's written for several marketing, legal and financial websites, including and, and the newsletters Auto Insurance Report and Property Insurance Report.