Social Security & Medicare Updates 2023

Social Security Benefits Increase and Medicare Premiums Decrease in 2023

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase by 8.7 percent in 2023. On average, Social Security benefits will increase by more than $140 per month starting in  January.  The  8.7%  cost-of-living adjustment will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022.  (Note: some people receive both Social Security and SSI benefits).

Medicare Part B premiums will go down for 2023.  This is the first time in over a decade that  Medicare premiums are not rising.  The monthly premium for  Medicare  Part B  will fall to  $164.90  in  2023  for most beneficiaries. (A small number of beneficiaries with higher incomes pay higher premiums.) That’s a decrease of $5.20 per month from the $170.10 premium in 2022. The Medicare Part B deductible is also going down, from $233 in 2022 to $226 in 2023.