LOWER PREMIUMS
2023 savings for Medicare Advantage, prescription drug plans announced
The Biden-Harris Administration has announced that people with Medicare will see lower premiums for Medicare Advantage and Medicare Part D prescription drug plans in 2023.
Additionally, thanks to the Inf lation Reduction Act, people with Medicare prescription drug coverage will have improved and more affordable benefits, including a $35 costsharing limit on a month’s supply of each covered insulin product, as well as adult vaccines that are recommended by the Advisory Committee on Immunization Practices (ACIP) at no additional cost.
The Centers for Medicare & Medicaid Services (CMS) is releasing key information, including
2023 premiums and deductibles for Medicare Advantage and Medicare Part D prescription drug plans, to help Medicare enrollees determine the best coverage for their needs (during Open Enrollment). “We’re delivering on our commitment to reduce health care costs for Americans, including 64 million people with Medicare,” said U.S. Department of Health and Human Services Secretary Xavier Becerra in a Sept. 29 press release. “… Millions of Medicare enrollees will have lower prescription drug costs and improved benefits when they sign up this year.” Enrollment in Medicare Advantage — private health plans that cover all Medicare Parts A and B benefits and may provide additional benefits — is increasing. Projections indicate enrollment will reach 31.8 million in 2023. The projected average premium for 2023 Medicare Advantage plans is $18 per month, a decline of nearly 8% from the 2022 average premium of $19.52. Medicare Advantage plans will continue to offer a wide range of supplemental benefits in 2023, including eyewear, hearing aids, preventive and comprehensive dental benefits, over-the-counter items, and fitness benefits. As previously announced, the average basic monthly premium for standard Part D coverage is projected to be $31.50, compared to $32.08 in 2022. The Medicare Part D program helps people with Medicare pay for both brand-name and generic prescription drugs. In addition, starting in 2023, there will be no deductible, coinsurance or cost-sharing requirements for vaccines for adults covered under Medicare Part D. “It is more important than ever for people to review their health care coverage and explore their Medicare options during Open Enrollment this year,” said Centers for Medicare and Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure. Medicare Open Enrollment runs from Oct. 15 to Dec. 7, 2022. During this time, people eligible for Medicare can compare 2023 coverage options on Medicare.gov.
Medicare.gov provides clear, easy-to-use information, as well as an updated Medicare Plan Finder, to allow people to compare options for health and drug coverage.
People with Medicare who take insulin are encouraged to call 1-800-MEDICARE or contact their State Health Insurance Assistance Programs for help comparing plans and costs this year.
“… Millions of Medicare enrollees will have lower prescription drug costs and improved benefits when they sign up this year.”
- U.S. Department of Health and Human Services Secretary Xavier Becerra