The Biden administration finalized an 8.5% increase in rates to Medicare Part D and Medicare Advantage plans, slightly above the 7.98% proposed earlier this year, Fierce Healthcare reports.
The Centers for Medicare & Medicaid Services (CMS) released the final 2023 MA and Part D rate announcement on Monday and with it a 4.88% effective growth rate, slightly above the 4.75% rate released in the advance notice.
The change from 7.98% to 8.5% is due in part to the application of the rebasing/re-pricing impact, which was not available when the advance notice was released back in February.
CMS did not change the planned coding pattern adjustment of 5.9% to reflect any differences in diagnosis coding between MA plans and fee-for-service providers, with that being the statutory minimum. Read more.
