2023 Projected Medicare Basic Part D Average Premium

The Medicare Part D program helps people with Medicare pay for both brand-name and generic prescription drugs. Part D remains one of Medicare’s most popular programs, with more than 49 million Medicare beneficiaries enrolled for prescription drug coverage. 

The Centers for Medicare & Medicaid Services (CMS) announced on July 29th, 2022 that the average basic monthly premium for standard Medicare Part D coverage is projected to be approximately $31.50 in 2023. This average is 1.8% lower than it was in 2022 at $32.08.

These calculated premiums are based on plan bids submitted to CMS. The projected average basic monthly Part D premium is determined annually to help beneficiaries like you understand overall Part D premium trends before Medicare Open Enrollment.

Medicare Open Enrollment, when beneficiaries can select from plan options for coverage beginning January 1, 2023, will run from October 15 to December 7, 2022. CMS anticipates releasing the 2023 premium and cost-sharing information for 2023 Medicare Advantage and Part D plans this September 2022.

CMS continues to analyze changes to the Part D program carefully, and engages with stakeholders to identify opportunities for improvements, particularly for reducing costs. They are releasing additional information—such as the Part D national average monthly bid amount—to help Part D plan sponsors finalize their premiums and prepare for Medicare Open Enrollment.

Source: For more information on the Part D national average monthly bid amount, the Part D regional low-income premium subsidy amounts, the de minimis amount, the Medicare Advantage employer group waiver plan regional payment rates, and the Medicare Advantage regional preferred provider organization benchmarks, visit: https://www.cms.gov/Medicare/Health-Plans/MedicareAdvtgSpecRateStats/Ratebooks-and-Supporting-Data.html.