Medicare Part D Premiums Set to Decline by 2% in 2023

The Centers for Medicare & Medicaid Services expects the average Medicare Part D premium to decrease to $31.50 in 2023 or about 1.8% from the 2022 rate of $32.08. The Medicare Part D program helps people pay for both brand-name and generic prescription drugs. Medicare Open Enrollment is from Oct. 15 to Dec. 7, 2022, for coverage beginning Jan. 1, 2023. Patients and consumers seeking assistance with enrollment in Medicare or Part D plans can contact the PA Medicare Education and Decision Insight (PA MEDI) program administered through a local Area Agency on Aging.