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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