During this time of high inflation rates, seniors will be glad to hear that some Medicare plan costs will be reduced in 2023. It is certainly good news after hearing that the cost-of-living adjustment (COLA) is higher for 2023 than it has been for a long time. It means seniors will not have to spend their newly gained extra money on Medicare.
Last year, seniors with Medicare Part B saw an increase of 14.5 percent ($25.50), bringing the total cost to $170.10. In comparison, the cost of Part B was only raised by $3.90 in 2021.
