What to Know: 2023 Medicare Open Enrollment
October 17, 2022
Each year, Medicare beneficiaries have an opportunity to change coverage options; now is the time to consider your plan options for 2023.
Medicare open enrollment began on Saturday and continues through December 7. The open enrollment period allows beneficiaries to consider any changes they want to make to their health insurance and prescription drug coverage for next year.
Medicare is health insurance for people age 65 or older, or those of younger ages with a disability, end-stage renal disease (ESRD), or ALS (also called Lou Gehrig's disease).
Federal officials have noted that it is particularly important for beneficiaries to evaluate their options this year. CMS last month announced lower average premiums for Medicare Part B, Medicare Advantage, and Medicare Part D prescription drug plans for 2023.
“This year, more than ever, it is vital that people with Medicare review and compare their options to find the coverage that best meets their needs,” said U.S. Department of Health and Human Services Secretary Xavier Becerra.
Here’s what you need to know:
- Evaluate your options: Open enrollment is the ideal time to review any changes to your current coverage and to identify your health needs for 2023.
- By the numbers: About 35 million people are enrolled in original Medicare and 29.8 million are enrolled in Medicare Advantage or other health plans, federal figures show.
- Rate changes: The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a $5.20 decrease from 2022.
- About the change: CMS cited lower-than-projected spending on the Alzheimer's drug Aduhelm and other Part B items for next year’s lower Part B premiums.
- Medicare Advantage: The projected average premium for 2023 Medicare Advantage plans is $18 per month, down nearly 8 percent from the 2022 average premium.
- Prescription coverage: The basic monthly premium for standard Part D coverage is projected to be $31.50, compared to $32.08 in 2022.
Through the Inflation Reduction Act, Medicare enrollees will pay no more than $35 a month in cost-sharing for covered insulin products. People with Medicare drug coverage will pay nothing out-of-pocket for recommended adult vaccines, federal officials noted.
Coverage changes take effect January 1. When evaluating your options, it’s important to review your current provider network, your prescription drug needs, and the estimated total costs for coverage, including deductibles and other out-of-pocket costs.
HAP strongly encourages Medicare beneficiaries to carefully review their coverage options during open enrollment. Additional information—including a plan finder— is available online.
For assistance selecting plans, contact 1-800-MEDICARE.