Surging inflation this year smashed retirement savings accounts and left retirees battered by escalating prices from gas and food to monthly rent. Here’s a snapshot of what’s coming in 2023.
Surging inflation this year smashed retirement savings accounts and left retirees battered by escalating prices from gas and food to monthly rent.
The annual deductible for all Medicare Part B beneficiaries will be $226 in 2023, down from the annual deductible of $233 in 2022., 3.3 million Medicare Part D beneficiaries with diabetes will benefit from a guarantee that copays for insulin will be capped at $35 for a month’s supply.Another notable change in 2023: Vaccines covered under Part D will come with no copays or deductibles. That will ease the cost of pricey vaccinations, such as the shingles vaccine.
“The combination of a COLA this high, and the fact that Medicare Part B premiums went down, is a once-in-a-lifetime event,” Mary Johnson, a Social Security policy analyst forChanges to retirement plan contributionsrecord-high maximum annual contributions to 401 and similar retirement accounts for 2023. Workers who have a 401, 403, most 457 plans, and the federal government's Thrift Savings Plan can contribute up to $22,500 next year, up 9.8% from the limit of $20,500 this year.
Contributions to a traditional IRA are tax-deductible as long as you meet IRS rules, including income limits. IRA contributions are fully deductible if you aren't covered by a retirement plan at work. For 2023, IRA deductions for singles covered by a retirement plan at work aren't allowed the deduction after their modified adjusted gross income hits $83,000, versus $78,000 in 2022.
The annual inflation-adjusted limit on HSA contributions for self-only coverage under a high-deductible health plan will be $3,850, up from $3,650 in 2022. The HSA contribution limit for family coverage will be $7,750, up from $7,300.
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