Medicare Advantage Plans Add More Perks

A building with the capitol in the background.


Choosing a Medicare Advantage program that is right for you can be difficult due to the wide range of things that they cover—or don’t.  Plans are expanding benefits in 35 out of 41 categories this year, according to a study done by actuarial consultant Milliman.  Vision coverage still ranks as the most common supplemental benefit, with 97% of Advantage plans offering it in 2022, followed closely by hearing (94%), fitness (94%) and dental care (91%).  However, less common benefits like acupuncture and coverage for bathroom safety devices with the number of plans featuring these increasing by 70% and 32%, respectively (Kiplinger’s Retirement Report May 2022, page 15).

Free COVID-19 Tests Rolling Out For Seniors On Medicare

A close up of the word coronavirus with an image of a virus


Millions of seniors on Medicare can get up to eight free coronavirus home tests each month from pharmacies at more than a dozen national and regional chain retailers.  This has been a long time coming but I will certainly keep my eyes peeled to see if these show up on the shelves.  Locations which are now committed, according to the Centers for Medicare and Medicaid Services, are Albertsons, Costco, CVS, Food Lion, Giant, Hannaford, H-E-B, Hy-Vee, Kroger Family, Rite Aid, Stop & Shop, Walgreens and Walmart.

https://www.usatoday.com/story/news/health/2022/04/04/covid-tests-medicare-pharmacies-free/7265479001/

 

Cost Of Insulin May Soon Be Capped By Law : Great News For Diabetics!

A blood glucose level chart showing the optimal levels.


The cost of prescription drugs has gotten so out of hand that regulators and legislators are having to step in and try to remedy the situation.  The latest effort comes from the House of Representatives, which recently passed a bill which would cap the cost of insulin.  The bill, which passed by a vote of 232-193 would cap the cost of insulin for both those on Medicare and those with private insurance at just $35 per month.  A similar bill passed the House last year but died in the Senate.  Democratic legislators are hoping to work out a compromise with Republicans to get it passed in the Senate.

 

At Home Medical Tests Expanding In The Midst Of COVID-19 Pandemic

A nurse is smiling next to an older woman.


The COVID-19 pandemic seems like it has been going on forever.  However, it has produced some positives such as consumers being more open to test for different medical conditions at home.  Self-diagnostic products are becoming more popular, which has caused medical companies to develop new types of at-home tests, including for flu and strep throat.  Home tests can help people know whether they are sick and can be faster and less costly and more convenient than laboratory-based tests, Nitika Pant Pai, a medical professor at McGill University, told The Wall Street Journal.  At home tests for things like blood-sugar monitoring, pregnancy and HIV have been around for years, however, the pandemic has been able to get this industry moving into high-growth.

 

Poll : Health Care Workers Still Love Their Job

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It’s hard to believe, but that was the headline of a recent USA Today story which, to me, was shocking.  They are under so much stress right now with the number of COVID-19 cases and staffing at the bare minimum, I would have thought that they would be extremely unhappy.  But 75% of them say that they still love their jobs, according to a USA TODAY/Ipsos Poll of doctors, nurses, paramedics, therapists and others in the health care industry.  “The pandemic has actually made me realize how important this career is, and how I really do make a difference,†Christina Rosa, a 33-year-old mental health counselor told USA Today, despite the fact that she had to close her office and serve clients remotely.  About half of the poll respondents described themselves as burned out and 20% said they were feeling angry.

 

Medicare Under Fire For Not Covering Most Claims For New Alzheimer’s Drug, Aduhelm

A building with the capitol in the background.


Drugmakers and patient advocacy groups are pushing back against a federal proposal to cut off most Medicare payments for a new drug from Biogen Inc. to treat Alzheimer’s, called Aduhelm.  The Centers for Medicare and Medicaid Services last month proposed to limit coverage of the drug to patients enrolled in clinical trials which are sanctioned by the agency.  The proposal would apply to similar drugs still in development and not yet approved that work by reducing amyloid protein in the brain.  The high cost of the drug and questions over its efficacy are behind the decision of the Centers for Medicare and Medicaid Services.

Telehealth Has Become The Norm For Seniors During The Pandemic

A person holding a stethoscope in front of a laptop.


Telehealth has become a normal part of the daily life of seniors, although there has been a big behind the scene battle being played out as Medicare has threatened to stop reimbursing for these visits once the pandemic has lifted.  However, with the new Omicron strain of COVID-19 spreading like wildfire, for now, at least, Medicare has backed down and extended coverage of remote health care through at least 2023.  Granted, it does have its limitations.  For instance, patients and physicians worry that the lack of face-to-face visits won’t allow the doctor to pick up on subtle clues about the patient’s health that body language might reveal with a personal visit.  However, with 52.7 million Medicare visits clocked last year versus only 840K in 2019, clearly something is working!

Good News For Those On Social Security, Some Medicare Advantage Plans Lowering Prices – By Derek Baine

A table with many different types of pills on it.


Social Security recipients recently got the good news that come January, their cost of living adjustment (COLA) will rise more than it has in decades.  Now more good news as, according to the Centers for Medicare & Medicaid Services (CMS), the average monthly premium for a Medicare Advantage (MA) plan is projected to drop 11% in 2022 to just $21.22.  The CMS also projected that Medicare enrollees who buy Part D drug coverage will see their premium rise from $31.47 this year to $33 next year (Source AARP Bulletin, November 2021 Issue, page 4).

Choose Medicare Advantage Plans Carefully

A building with the capitol in the background.


Once per year, Medicare recipients have a chance to change their Medicare Advantage policy, and they also have the chance to buy a Medigap insurance policy anytime between October 15 and December 7.  But choose carefully.  Although Medicare Advantage policy benefits are pretty transparent, switching to a Medicap policy does carry significant risks.  In most states, Medigap insurers can turn you down due to preexisting conditions, or charge you more based on your health or age.  Don’t cancel your Medicare Advantage policy in favor or a Medigap policy until you fully understand the financial implications.

Medicare Advantage Plans Gain In Popularity : By Derek Baine

Three older women are holding pink dumbbells.


There are so many things that aren’t covered by Medicare that seniors are increasingly opting in for supplemental coverage, which are marketed under the Medicare Advantage moniker.  Debuting 25 years ago, 42% of Medicare recipients now subscribe to a Medicare Advantage plan, up from just 13% in 2005.  Dental, vision, and even gym memberships and transportation to doctors appointments are included in some Medicare Advantage plans.  Check coverage closely!