Medicare Prescription Drug Average Likely to Fall in 2023

September 05, 2022

Medicare prescription drug average is likely to fall by the time 2023 comes around, creating some options for patients. Medicare is national health insurance run by the government. The original plan, known as Part A and Part B, does not cover all medical services, treatments, or expenses. Many individuals purchase additional policies issued by private insurance companies to help cover the gaps and keep costs down.

Once you have achieved eligibility, you can choose to expand your Medicare coverage with an optional Supplement or Advantage plan. Prescription drug coverage is a popular choice.

Medicare Prescription: What to Know

Find out more about your options and what to expect.

Who Is Eligible for Medicare?

Medicare health insurance is available for anyone age 65 or older. Likewise, you can get coverage earlier if you have a disability or qualifying illness. You are eligible to sign up for Medicare three months before your birthday.

You must regularly review your coverage, and insurance needs to determine if your current plans are suitable. Change your plan during open enrollment from October 15 through December 7.

What Does Medicare Cover?

The two parts of Original Medicare are Part A, and Part B. Part A is hospital insurance and helps to cover the cost of the following:

  • Hospital inpatient care
  • Care in a nursing facility
  • Home Health
  • Hospice

Part B is medical insurance, which provides the following services and treatments:

  • Visits to doctors and health care providers
  • Preventative care
  • Outpatient services
  • Home Health
  • Some types of medical equipment
  • Mental health
  • Ambulance

If you qualify for Original Medicare, you can add additional coverage through a Medicare Supplement or Medicare Advantage plan for what is Parts A and B do not cover. Medicare Part D helps to pay for prescription drug costs. It divides drugs into tiers that determine the pricing structure. Higher-tiered prescription drugs have a higher cost than those from lower levels.

What Does Medicare Part D Cost?

The premium cost for Part D is set to decrease slightly in 2023, with prices averaging $31.50 per month, down from $32.08. Alternatively, if you have a plan with a deductible, the cap has increased to $505 instead of the current $480. Premiums are adjusted for income once you reach $91K for an individual or $182K for a married couple, so those with high earnings pay more.

You can choose to purchase Part D alone or as part of an Advantage Plan that comes with other benefits. It’s best to compare your options and choose the plan that gives you the best coverage at an affordable premium. While no one can predict the future, assess your current and anticipated medical needs when shopping for coverage. If you are unsure what to choose, speak with an independent insurance agent who can guide you through your choices.

About Brooks, Todd & McNeil

Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.