Premium for Medicare Part D will drop in 2023

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The base monthly premium for standard Medicare Part D coverage declines in 2023, the Centers for Medicare and Medicaid Services announced today.

The average premium for drug coverage will be approximately $31.50 in 2023, compared to $32.08 in 2022, a decrease of 1.8%.

WHY IT’S IMPORTANT

CMS releases the expected base average monthly Part D monthly premium annually—calculated based on plan offers submitted to CMS—to help beneficiaries understand overall Part D premium trends prior to open Medicare enrollment. .

Open Medicare enrollment for coverage beginning January 1, 2023 will run from October 15 through December 7.

CMS expects to release 2023 premium and cost-sharing information for the 2023 Medicare Advantage and Part D plans in September 2022.

CMS also publishes additional information for Medicare Advantage organizations and drug plan sponsors, such as the national average monthly Part D supply amount, regional low-income premium subsidy amounts from the Part D, the de minimis amount, the Medicare Advantage employer group waiver plan regional payment. Medicare Advantage Preferred Provider Organization rates and regional benchmarks.

THE GREAT TREND

The Medicare Part D program helps people with Medicare pay for both brand name drugs and generic prescription drugs. Part D remains one of Medicare’s most popular programs, with more than 49 million Medicare beneficiaries enrolled for prescription drug coverage, CMS said.

CMS said it continues to carefully analyze changes to the Part D program and engages with stakeholders to identify opportunities for improvement, particularly to reduce costs.

According to a report by the American Society of Healthcare Pharmacists.

Earlier this month, Senate Democrats released a plan for Medicare to negotiate drug prices on 10 drugs, with that number increasing in subsequent years.

Twitter: @SusanJMorse
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