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Almost 1.5 million people will see at least a 50% increase in their 2023 Medicare Part D plan premiums

Category: Annual Medicare Plan Changes
Published: Oct, 19 2022 11:10:26


As was true in past years, many 2022 stand-alone Medicare Part D prescription drug plans will be increasing their monthly premiums in 2023.  In fact, based on current Medicare plan enrollment, around 11.9 million Medicare beneficiaries will see their stand-alone 2022 Medicare Part D premiums increase in 2023.

More importantly, almost 2.7 million Medicare beneficiaries currently enrolled in stand-alone 2022 Medicare Part D prescription drug plans (PDPs) will see at least a 20% increase in their monthly premium if they stay enrolled in their current plan into 2023 - with almost 280,000 people currently enrolled in a 2022 Part D plan seeing their Medicare plan premium double in 2023.

2023 PDP Premium Increase/Decrease Summary
Percentage Premium Increase Nbr of Members* Cumulative Nbr of Members*
100% or more 277,649 277,649
50% to 99% 932,606 1,210,255
20% to 49% 1,459,763 2,670,018
10% to 19% 3,840,910 6,510,928
1% to 9% 5,352,568 11,863,496
no change 167,549  
-1% to -9% 3,191,128 3,191,128
-10% to -19% 1,567,694 4,758,822
-20% to -49% 1,508,858 3,076,552
-50% to -79% 413,170 3,489,722

*Note: These enrollment figures do not include members who will be crosswalked to a new plan, but do include members who are eligible for the Medicare Part D Low-Income Subsidy.

Some of the largest 2023 Medicare Part D plan premium increases are highlighted in the table below:

Highlights of the Larger stand-alone Medicare Prescription Drug Plan
Premium Increases
2023 Plan Name 2022
Premiums
2023
Premiums
Premium Increase Percent Increase States Members Affected
Elixir RxPlus (PDP) Ranging from
$20.30 to $72.50
Ranging from
$26.80 to $66.60
up to
$44.60
up to 220% 20 states
189,296 members will see at least a 29% premium increase. 20,387 Members in OH will see a 220% premium increase.
Mutual of Omaha Rx Premier (PDP) Ranging from $30.40 to $37.10 Ranging from $52.10 to $95.80 up to $61.70 up to 183% all states 80,946 members will see at least a 51% increase in premium.
Elixir RxSecure (PDP) Ranging from $25.00 to $81.00 Ranging from $29.10 to $73.20 up to $32.70 up to 101% 29 states 289,008 members will see at 20% increase in premium.
Humana Walmart Value Rx Plan (PDP) Ranging from $22.70 to $25.00 Ranging from $30.50 to $44.50 up to $20.30 up to 83% all states 1,338,693 members will see at 34% increase in premium.


However, there is good news for some Medicare Part D plan members: 2023 Premium Decreases

On the positive side, approximately 3.5 million Medicare beneficiaries will see a decrease in their 2022 Medicare Part D plan premium.

The largest decrease is the SilverScript SmartSaver (PDP) plan in Oregon and Washington State where the premium will fall from $7.70 in 2022 to $1.60 in 2023.

Where can you see how your 2022 Medicare plan is changing in 2023?

You can use our PDP-Compare and MA-Compare tools to learn more about how 2022 Medicare Part D and Medicare Advantage plans are changing in 2023.  Both PDP-Compare and MA-Compare show changes in all 2022/2023 stand-alone Medicare Part D prescription drug plans (PDPs) and Medicare Advantage plans (MAs or MAPDs) across the country and include changes in plan features such as premium, deductible, cost-sharing and formulary size changes.

Our Medicare plan compare tools also highlight 2022 plans that will be merged or discontinued in 2023 and new plans that will be added in 2023.

PDP-Compare showing an example of how Medicare Part D plans can change names year to year

Reminder about looking beyond your plan's low premium

If you are using several brand-name medications or an expensive specialty medication, your monthly Medicare plan premiums may not be a significant part of your annual medication costs.  Be sure to consider the entire cost of your drug coverage when choosing a Medicare plan: premiums, co-payments, co-insurance, additional Donut Hole coverage, and catastrophic coverage.

Not sure whether your 2022 Medicare plan is still the most economical 2023 plan option?

You can telephone Medicare at 1-800-633-4227 to speak with a Medicare representative.  You ask questions about your Medicare plan coverage and learn more about your 2023 Medicare Part D and Medicare Advantage plan options.







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