Medicare Advantage premiums will decrease for 2023, CMS said Sept. 29, continuing a trend in slight cost reductions for next year across Medicare services.
The average monthly Medicare Advantage premium is projected to be $18 for 2023, down from $19.52 in 2022, according to a news release.
Premiums are also set to decrease for Medicare Part B, largely driven by lower-than-expected spending on the new Alzheimer's drug Aduhelm. These premiums are expected to be $164.90 on average, $5.20 lower than in 2022.
Part D premiums are also projected to be slightly lower next year. CMS announced projected Part D premiums in July, with the average premium for 2023 expected to be $31.50, down from $32.08 in 2022.
The open enrollment period for Medicare Advantage begins Oct. 15 and runs to Dec. 7. According to CMS, 31.8 million people are expected to enroll in these plans this year.