The feds expect Medicare Part D premiums to decline by nearly 2% next year.
The Centers for Medicare & Medicaid Services (CMS) said Friday that it expects the average premium to decrease to $31.50 in 2023, or about 1.8% from the 2022 rate of $32.08.
The projected monthly premiums are based on bids to CMS from Part D plan sponsors, the agency said. The goal is to make potential Medicare Part D enrollees aware of their options before open enrollment begins this fall.
“CMS continues to analyze changes to the Part D program carefully, and engages with stakeholders to identify opportunities for improvements, particularly for reducing costs,” the agency said in a release.
Alongside the premium data, CMS released additional information on monthly average bid amounts in the lead-up to open enrollment, allowing plan sponsors to finalize their premiums.
Open enrollment for Medicare, including Part D and Medicare Advantage, begins Oct. 15 and will run through Dec. 7.