Part D Premiums Will Be Slightly Lower in 2023: CMS

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.