Last Friday the Centers for Medicare & Medicaid Services (CMS) 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.
Open enrollment for 2023 coverage runs from Oct. 15 to Dec. 7, 2022.
The CMS will likely release the final 2023 premiums for private Medicare Advantage and Part D plans in September 2022.
More than 49 million Medicare beneficiaries are enrolled in prescription drug coverage, which helps pay for brand-name and generic prescription drugs.