Javascript is not enabled.

Javascript must be enabled to use this site. Please enable Javascript in your browser and try again.

Skip to content
Content starts here


Leaving Website

You are now leaving and going to a website that is not operated by AARP. A different privacy policy and terms of service will apply.

Medicare Advantage, Part D Premiums Projected to Drop in 2023

Average monthly cost for a private MA plan could decrease by nearly 8 percent

spinner image older couple paying bills
Terry Vine / Getty Images

The average monthly premium for a Medicare Advantage (MA) plan is expected to decrease to $18 in 2023, down nearly 8 percent from $19.52 in 2022, the Centers for Medicare & Medicaid Services (CMS) announced on Sept. 29. Enrollment in Medicare Advantage plans, which are an alternative to original Medicare, continues to grow, and CMS projects that 31.8 million people will be enrolled in these private insurance plans in 2023.

CMS previously announced that the average monthly premium for Part D prescription drug plans will also decrease slightly, from $32.08 in 2022 down to $31.50 in 2023.

spinner image Image Alt Attribute

AARP Membership— $12 for your first year when you sign up for Automatic Renewal

Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine.

Join Now

Starting in 2023, people with Medicare prescription drug coverage, either through original Medicare or an MA plan, will enjoy extra perks from the Inflation Reduction Act. These new benefits include $35 cost sharing for a month’s supply of covered insulin products, and no deductibles or copayments for adult vaccines that are recommended by the Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices (ACIP). Many vaccines are already covered without cost sharing under Medicare Part B. But this will also eliminate deductibles and copayments for eligible vaccinations that are covered under Part D, such as the shingles vaccine.

Medicare Advantage plans cover all services that Medicare Parts A and B cover, and most plans also cover prescription drugs. Many of these MA plans will also continue to offer a variety of supplemental benefits, such as vision, hearing and dental benefits, a limited number of meals for beneficiaries who qualify, fitness benefits and coverage for over-the-counter drugs.

In 2023, more than 1,200 Medicare Advantage plans will participate in a special program that lets them offer customized benefits to help manage diseases and meet health-related social needs, such as food insecurity and social isolation.

Specific benefits and premiums for Medicare Advantage and Part D plans vary by plan and location. Information about the 2023 plans will be available in the Medicare Plan Finder starting on Oct. 1. People with Medicare will be able to review their coverage and choose Part D or Medicare Advantage plans for 2023 during open enrollment from Oct. 15 to Dec. 7. Any changes they make will take effect on Jan. 1.

Medicare beneficiaries in original Medicare or in Medicare Advantage plans also pay monthly premiums for Medicare Part B, which CMS announced will decline in 2023 for the first time in a decade, to $164.90 per month, down from $170.10 in 2022.

Discover AARP Members Only Access

Join AARP to Continue

Already a Member?