It’s that time of year again, CMS has released next year’s Part D parameters for creditable coverage. To be creditable, the actuarial value of the coverage must equal or exceed the value-defined standard Medicare Part D coverage provides. For 2023, the defined standard Medicare Part D prescription drug benefit is:
- Deductible: $505 (increase from $480 in 2022)
- Initial coverage limit: $4,660 (increase from $4,430 in 2022)
- Out-of-pocket threshold: $7,400 (increase from $7,050 in 2022)
- Total covered Part D spending at the out-of-pocket expense threshold for beneficiaries not eligible for the coverage gap discount program: $10,516.25 (increase from $10,012.50 in 2022)
- Estimated total covered Part D spending at the out-of-pocket expense threshold for those eligible for the coverage gap discount programs: $11,206.28 (increase from $10,690.20 in 2022)
- Minimum cost-sharing under catastrophic coverage benefit: $4.15 for generic/preferred multi-source drug (increase from $3.95 in 2022) and $10.35 for all other drugs (increase from $9.85 in 2022)