CMS says the average premium in 2023 will 1.8% lower than this year's average premium.
Inflation is affecting many parts of the economy, but CMS announced Friday that Medicare Part D premiums may become slightly less expensive in 2023.
Based on plan bids so far, the average basic monthly premium in 2023 is expected to be $31.50, according to the CMS announcement. That is 1.8% decrease from the average monthly premium this year, which is $32.08.
That wasn’t the only good news about prescription drug costs for Medicare beneficiaries this week. The legislative package negotiated by Sen. Joe Manchin III, a West Virginia Democrat, and Senate Majority Leader Chuck Schumer includes several provisions that will save beneficiaries.
The legislation would cap Part D out-of-pocket costs at $2,000 a year and impose a rebate on drug prices that manufacturers raise above the rate of inflation.
The bill, which must be approved by the House and signed by President Biden before it becomes law, would also empower CMS to negotiate drug prices for the first time.
2023 Drug Trend Report - Xevant
May 16th 2024To effectively navigate the changing pharmacy landscape and maintain a robust, cost-effective pharmacy benefit, you must understand the forces behind rising drug trend. What’s driving your costs and what can you do about it? As a leader in the PBM analytics space, we offer a unique perspective on pivotal trend drivers. Here’s what our comprehensive analysis revealed: -A surge in utilization rates across specialty and non-specialty drugs, magnified by anti-obesity therapies -Financial strain imposed by anti-inflammatory biologics and the yet-to-be-fulfilled -promise of biosimilar savings -Persistent price inflation driving higher costs year over year
Read More
2023 Drug Trend Report - Xevant
May 16th 2024To effectively navigate the changing pharmacy landscape and maintain a robust, cost-effective pharmacy benefit, you must understand the forces behind rising drug trend. What’s driving your costs and what can you do about it? As a leader in the PBM analytics space, we offer a unique perspective on pivotal trend drivers. Here’s what our comprehensive analysis revealed: -A surge in utilization rates across specialty and non-specialty drugs, magnified by anti-obesity therapies -Financial strain imposed by anti-inflammatory biologics and the yet-to-be-fulfilled -promise of biosimilar savings -Persistent price inflation driving higher costs year over year
Read More
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