The Washington Report
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October 05, 2022
Note to Subscribers
While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.
Health
CMS Releases 2023 Premiums and Cost-Sharing Information for Medicare Advantage and Prescription Drug Plans
On September 29, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 premiums, deductibles, and other key information for Medicare Advantage and Part D prescription drug plans. The average premium for Medicare Advantage plans will be lower in 2023 at $18 per month, compared to $19.52 in 2022, while projected enrollment continues to increase. As previously announced by CMS, the average 2023 premium for Part D coverage will be $31.50, compared to $32.08 in 2022. In addition, CMS noted that under the Inflation Reduction Act, people with Medicare prescription drug coverage will have a $35 cost-sharing limit on a month’s supply of each covered insulin product and adult vaccines that are recommended by the Advisory Committee on Immunization Practices at no additional cost.
The news release is available here.
The premiums and costs of the 2023 Medicare Advantage and Part D plans are available here.
State-by-state information on Medicare Advantage and Part D in 2023 is available here.
Additional information on the Medicare Advantage Value-Based Insurance Design Model is available here.
CMS Releases 2023 Medicare Parts A & B Premiums and Deductibles; Medicare Part D Income-Related Monthly Adjustment Amounts
On September 27, 2022, CMS released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts.
The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,600 in 2023, an increase of $44 from $1,556 in 2022. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2023, beneficiaries must pay a coinsurance amount of $400 per day for the sixty-first through ninetieth day of a hospitalization ($389 in 2022) in a benefit period and $800 per day for lifetime reserve days ($778 in 2022). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $200 in 2023 ($194.50 in 2022).
The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.
Since 2011, a beneficiary’s Medicare Part D monthly premium is based on income. These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part D. These individuals pay the income-related monthly adjustment amount in addition to their Part D premium. Part D premiums vary by plan and roughly two-thirds are paid directly to the plan, with the remaining deducted from Social Security benefit checks. The Part D income-related monthly adjustment amounts are all deducted from Social Security benefit checks. The 2023 Part D income-related monthly adjustment amounts for high-income beneficiaries are shown in a table found on the CMS Fact Sheet. Please refer to the CMS Fact Sheet below for specific provisions.
The CMS Fact Sheet is available here.
The CMS Federal Register posting of Calendar Year 2023 Inpatient Hospital Deductible and Hospital and Extended Care Services Coinsurance Amounts is available here.
The CMS Federal Register posting of Medicare Part B Monthly Actuarial Rates, Premium Rates, and Annual Deductible beginning January 1, 2023, is available here.
Retirement
IRS Extends Deadlines for Plan Amendments to Qualified Retirement Plans, Non-Governmental 403(b) Plans, and IRAs Under CARES and Disaster Relief Acts
On September 26, 2022, the Internal Revenue Service (IRS) issued Notice 2022-45, which extends the deadlines for amending qualified retirement plans, non-governmental 403(b) plans, and individual retirement arrangements (IRAs) or annuity contracts to reflect Section 2022 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Section 302 of Title III of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Section 2022 of the CARES Act provided favorable tax treatment for COVID-related distributions and loan relief. Section 302 of the Relief Act provided favorable tax treatment with respect to qualified disaster distributions. See the Notice for details of the extended plan amendment deadlines.
IRS Notice 2022-45 is available here.
Other HR/Employment
EEOC Releases New Data
On September 29, 2022, the Equal Employment Opportunity Commission (EEOC) announced that it has released new data on its website and added the ability for the public to visualize charges of discrimination filed with the agency by state. The new data includes the 2019 and 2020 EEO-1 Component 1 data for private employers with 100 or more employees and federal contractors with 50 or more employees.
The EEOC news release is available here.
The updates to the EEOC website are available here and here.