Retiree Donna Weiner shows some of the daily prescription medications that she needs and pays over $6,000 a year through a Medicare prescription drug plan at her home, Tuesday, Oct. 5, 2021, in Longwood, Fla. Weiner supports giving Medicare authority to negotiate drug prices. Negotiating Medicare drug prices is the linchpin of President Joe Biden's ambitious health care agenda. Not only would consumers see lower costs, but savings would be plowed into other priorities such as dental coverage for retirees and lower premiums for people with plans under the Obama-era health law. (AP Photo/Phelan M. Ebenhack)
A small drop in monthly premiums to roughly $31.50 from $32.08 is expected for Part D prescription drug coverage in 2023, the government announced in August 2022. The maximum deductible for Part D coverage is projected to rise to $505 in 2023, up from $480 this year, according to information released in April by Medicare officials. Higher earners pay more for their premiums via income-related monthly adjustment amounts or IRMAAs.
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