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2023 Medicare Part D Premium Costs

The average Medicare Part D premium will decrease in 2023.

The Centers for Medicare and Medicaid Services (CMS) announced that the average 2023 Medicare Part D basic monthly premium for standard coverage is projected to be approximately $31.50. This amount is a slight decrease from the average premium of $32.08 in 2022. If you have questions about Medicare or how much Medicare costs, our advisors are here to offer local help with Medicare. Read more for details about Medicare Part D.

What is Medicare Part D?

Medicare Part D covers prescription drugs. It is separate from Original Medicare, Medicare Part A and Part B.

Is the Part D premium required?

Not exactly. Part D coverage is optional. If you purchase Part D coverage to help with your prescription costs, you’ll be required to pay a monthly premium.

But in order to avoid a Part D late enrollment penalty, you will need to have prescription drug coverage that is considered creditable (equal in quality) to Medicare. This could be through a Medicare plan or as the employee or dependent through employer group coverage.

Options for Medicare Prescription Drug Coverage

If you have Original Medicare or a Medicare Supplement plan,  you can purchase a standalone Medicare Prescription Drug Plan.

Most Medicare Advantage Plans come with Part D coverage included. These are called Medicare Advantage Prescription Drug (MAPD) Plans. While the average projected premium is $31.50 in 2023 for standalone Prescription Drug Plans, most MAPD plans offered by RetireMed have $0 premiums.

Questions about how much Medicare costs? Our local team has answers.

We’re here to guide you through every step in the Medicare process. Whether you’re preparing to enroll or curious if your current Medicare coverage is the right fit, our experts offer local help with Medicare questions.

If you’re new to RetireMed, email your questions to advice@retiremed.com or schedule a call with an advisor.

Already a RetireMed client? Your client advisor team is here to help! Reach out us by calling 877.222.1942 or emailing client@retiremed.com.