Depends on the modem. Older ones might not be capable of the higher speeds allowed by the ISP. Also, even if the ISP supports higher speeds you might have to pay more for it. If they say your speed should be at the 300 and your modem is still stuck at 200 you might still need to replace it as not all modem standards are supported by all ISP's
Try resetting the modem first, just unplug the power for a few minutes and plug it back in. It should reboot itself and after a few minutes when the service restores run a speed test. If you are still not getting the speed your ISP provides then it might be time to go to the ISP or computer store and replace the modem.
A few years ago when my ISP increased speeds they replaced my modem to accommodate it. At the time I was renting it from them for $4 a month, later I went to Best Buy and got a compatible one on sale for $59.95 and it paid for itself after a little over a year.