The Medicare Agent Blog

CMS Announces 2023 Medicare Part D Costs

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)

Trusted American Insurance Agency is a National Marketing Organization (NMO) headquartered in Roseville, CA. Trusted American provides a full range of insurance and financial services products across all 50 states for all major and niche carriers, with a specialty in the Senior Marketplace.

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