As indicated by the United States Government Centers for Medicare & Medicaid Services (CMS), the anticipated standard monthly cost for Medicare Part D coverage is set to be around $31.50 in 2023. This reflects a modest reduction of 1.8% from the $32.08 average in 2022.
Prior to the Medicare Open Enrollment period, where recipients can choose their plans for the next coverage year, the CMS publicizes the expected standard monthly Part D premium, a figure derived from bids submitted by plans to CMS.
In preparation for the Medicare Open Enrollment, CMS also disseminates further data to Part D plan administrators, including the national average monthly bid amount for Part D.
The enrollment window for Medicare coverage commencing on January 1, 2023, is scheduled from October 15 to December 7, 2022.
The CMS is poised to announce the premium and cost-sharing details for Medicare Advantage and Part D in September 2022.
Read more here – CMS Announces Expected 2023 Medicare Basic Part D Average Premium
