Medicare is making a lot of changes in 2023. While some changes are fairly small, such as offering shingles vaccines for free, several other changes are quite significant. Keeping an eye on Medicare and how the landscape of senior healthcare is changing is critical—it allows policyholders to determine what they need from their insurance and what changes they may need to make to ensure they are able to access everything they need at an affordable price.
Capped Insulin Copays
Thanks to the Inflation Reduction Act, 2023 will be a time when Medicare policyholders can begin to receive their insulin at a much more affordable price. This new system caps the cost of a month’s supply of insulin at $35—a benefit that is offered even before policyholders have met the annual Part D deductible. Policyholders who use an insulin pump under the Medicare Part B durable medical equipment benefit will still be able to utilize the $35 cap, and they will not be charged a deductible under this new plan.
One caveat of this change is that it only applies to insulin that is covered by your Medicare policy, so make sure you’re getting the appropriate insulin and that your policy covers its costs in order to enjoy the insulin copay cap.
Drug Price Negotiations
This year, Medicare will begin talks with drug companies to negotiate appropriate prices for drugs that are covered under Medicare. This is the first step in getting the cost of prescription drugs under control for Medicare policyholders so they can keep more money in their pockets each month. These negotiations will be going on for several years and won’t take immediate effect, but they’re paving the way for Medicare beneficiaries to have an easier time covering the costs of their medications.
In addition to these talks, Medicare is taking the lead in keeping drug costs under control by requiring significant fines for any drug company that prices its medications above the rate of inflation.
According to the AARP, the Medicare Part B deductible will be reduced to $226 this year. It’s only a $7 decrease, but it saves policyholders $84 per year, providing a little bit of relief.
Unfortunately, the Part A deductible is increasing. The deductible is now $1,600 in 2023, as compared to $1,556 in 2022. For policyholders that have a Part A premium, this is also increasing to $506.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-266-0355. For more information, follow us on Facebook, Pinterest, and YouTube.