Medicare kicks off 2023 open enrollment

Medicare open enrollment for 2023 began Saturday and runs through Dec. 7. During the annual open enrollment period, beneficiaries can review and change their Medicare coverage options, from Medicare Advantage and prescription drug plans to Original Medicare. The Centers for Medicare & Medicaid Services projects the average monthly premium for Medicare Advantage plans will fall by $1.52 in 2023 to $18, while the average monthly premium for a basic Medicare Part D prescription drug plan will fall by 58 cents to $31.50. Among other changes this year, the Inflation Reduction Act will limit monthly cost sharing for insulin products to $35 and reduce costs for adult vaccines.