2023 Medicare Part B Premiums

Monthly Medicare Part B premiums for 2023 will decline from $5.20 to $164.90. This is the base amount which can always be adjusted lower, or higher, depending on your income. Although $5.20 may not sound like much, this is a stark difference compared to the 14.5% jump that occurred from 2021 to 2022. Half of this increase was mainly due to a reserve being established as a way to cover a new Alzheimer’s drug that was launched during that time.

Impact for Medicare Agents

Anytime there is a decrease in premiums, this gives clients more expendable income. Although $5.20 may not sound like a lot, this can open the door for cross-selling various products that may have just been a tad out of reach. Products like a stand-alone prescription drug plan (PDP) or even a hospital indemnity could go for close to the amount the client is saving on their part B premium. Not to mention, most clients won’t even know they are saving money as these premiums are typically automatically deducted from their social security before it ever hits their bank accounts. This is a great opportunity to let them know of the savings while you are helping them with their yearly plan determinations (Annual Enrollment Period or AEP).

Where does Pinnacle Financial Services come in?

Pinnacle Financial Services is a full-service “FMO” that is dedicated to helping agents across the country grow their book of business. With the new Final Rule in place that requires all calls to be recorded, Pinnacle has you covered! We offer multiple, $0 cost options to ensure you stay compliant through the busy season. Give us a call today to ensure you are trained and ready to go for 2023 AEP!

Need more guidance? Check out our AEP Toolkit