The Centers for Medicare & Medicaid Services (CMS) today announced that the average basic monthly premium for standard Medicare Part D coverage is projected to be approximately $31.50 in 2023. This expected amount is a decrease of 1.8% from $32.08 in 2022.
CMS releases the projected average basic monthly Part D premium—calculated based on plan bids submitted to CMS—annually to help beneficiaries understand overall Part D premium trends before Medicare Open Enrollment, when they can select from plan options for the upcoming benefit year.
The Medicare Part D program helps people with Medicare pay for both brand-name 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 continues to analyze changes to the Part D program carefully, and engages with stakeholders to identify opportunities for improvements, particularly for reducing costs.
CMS is also releasing additional information to help Part D plan sponsors finalize their premiums and prepare for Medicare Open Enrollment. Medicare Open Enrollment for coverage beginning January 1, 2023 will run from October 15 to December 7, 2022. CMS anticipates releasing the 2023 premium and cost-sharing information for 2023 Medicare Advantage and Part D plans in September 2022.