CMS projects 2% lower Medicare Part D premiums in 2023

CMS expects monthly premiums under Medicare Part D to decrease 1.8 percent in 2023.

Based on submitted plan bids, the federal agency said premiums are projected to fall from an average of $32.08 in 2022 to $31.50 in 2023. It also released additional information, such as the Part D national average monthly bid amount, to help carriers finalize premiums and prepare for the open enrollment period, according to a July 29 news release.

Final rates are expected in September. The Medicare enrollment period for 2023 runs from Oct. 15 to Dec. 7.

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