What changes to Medicare Part D are expected in 2023?

According to the US Government Centers for Medicare & Medicaid Services (CMS), the average monthly premium for standard Medicare Part D coverage is currently projected to be $31.50 in 2023 which is a decrease of 1.8% from $32.08 in 2022. Before Medicare Open Enrollment, when beneficiaries can select plans for the upcoming benefit year, CMS releases the projected average monthly Part D premium, calculated based on plan bids submitted to CMS. To help Part D plan sponsors prepare for Medicare Open Enrollment, CMS also provides additional information, such as the Part D national average monthly bid amount. Medicare Open Enrollment for coverage beginning January 1, 2023, will run from October 15 to December 7, 2022. CMS anticipates releasing the 2023 Medicare Advantage and Part D premium and cost-sharing information in September 2022. Call Kevin Leinum your local Medicare expert for more information. Kevin Leinum makes Medicare Easy!

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