Medicare Savings On Drugs And Immunizations Will Kick In During 2023

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A number of changes have been made to Medicare which hopefully will save you money!  For instance, as of January 1, the Shingrix vaccine to prevent shingles is free for those with a Part D prescription drug plan, a significant relief since it cost almost $200 last year.  If you are diabetic, your copay for a 30-day supply of insulin for Part D enrollees is capped at $35.  During the pandemic, the cost for a month’s supply was hundreds of dollars.  Public awareness of many of these changes are low because they were passed as part of a massive legislation.  However, you will definitely notice it at your pharmacy’s cash register!

Medicare AARP Plan Attacked From An Unexpected Source

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We all know how hard it is shopping for a supplemental Medicare Plan, also known as Part D.  The Wall Street Journal recently took issue with AARP’s marketing of products like health, life and auto insurance, saying, for instance that the AARP MedicareRX Preferred Plan, insured by UnitedHealth Group Inc., carries the highest premium among all national stand-alone Medicare drug plans.  AARP has advocated that the 1.74 million members who make up 9% of the market for Part D plans should switch to a cheaper policy.  Kaiser Family Foundation backed up this opinion stating in a report that, “We’re certainly at the point where this AARP plan is so expensive that it’s likely that most people in it could save money by switching,†according to Juliette Cubanski, co-author of a report on the issue.

Medicare Open Enrollment From October 15 To December 7 : Check Your Options!

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Medicare Open Enrollment arrives, with their Annual Election Period (AEP) running from October 15 to December 7.  Those who are in a standalone Part D drug plan should check and make sure that they have the best coverage possible for the prescription medication that they are on.  Coverage and plans change every year so getting the right plan could save you hundreds or even thousands of dollars per year.  Similarly, if you are looking at a Medicare Advantage Plan should look at your likely health needs, including hospitals, doctors, durable equipment, as well as prescription costs.  Alliance on Aging has a number of free presentations on this topic.  Click here for the dates and locations.

Medicare Can Not Ding You For Having Pre-Existing Health Conditions

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Some worry that when they sign up for Medicare, they will pay more if they have pre-existing health conditions.  That’s not true for Medicare or Medicare Advantage (MA) and Part D prescription plans.  This also holds true for supplemental policies (Medigap) only if you sign up for it during your six-month Medigap open enrollment period.  If you want it later, an insurance company can charge you more or refuse to sell you a policy because of your health status.

Source AARP Bulletin, June 2022.

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

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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).