Everything Changing With Medicare Plans in 2023

It's that special time of year again! Put on your reading glasses and join us on a journey of discovery as we explore the latest updates and modifications to your Medicare coverage. Although it's not the most thrilling activity, it's essential to make sure you get the best out of your insurance plan. So, let's get started!

As we march towards 2023, it's time to get ready for all the amazing changes coming our way! This is our chance to make Medicare even better, from capping insulin copays to reducing premiums and deductibles for Part B coverage. Let's take a closer look at the major updates to Medicare in 2023!

Medicare Basics

Medicare is a federally funded and managed program that provides essential health insurance for seniors aged 65 and above, those with disabilities, and those suffering from end-stage renal disease who require dialysis or a transplant for permanent kidney failure.

We customize our coverage to provide protection from a range of medical expenses.

Many Americans may assume that Medicare is free of charge, but unfortunately this isn't true. Even those who don't pay a monthly fee for Part A may still be subject to the copays associated with Parts B and D, meaning they must pay a portion of the cost for their prescriptions.

Medicare Part B Premium and Deductible

Good news for Medicare Part B users! Get ready to kick off the new year on a high note - the standard premium for Part B is set to drop from $170.10 per month in 2022 to an even better rate of $164.90 per month in 2023 - the first decrease since 2012. And that's not all - the Part B deductible is also dropping, to a low of $226 from $233. What a great start to the year!

Medicare Part A Premium and Deductible

Starting in 2023, those who pay a premium for Part A will see their monthly rate rise from 2022's $274 to $278. Additionally, the deductible for Part A will be increased from $1,556 in 2022 to $1,600 in 2023.

New Start Dates for Your Coverage

Turning 65 in 2023? Don't miss out on your chance to begin taking advantage of your Medicare coverage earlier than ever before! Sign up for Medicare during the month of your 65th birthday, the last 3 months of your initial enrollment period, or during the general enrollment period and your coverage will start on the first day of the following month. Take advantage of this amazing opportunity!

Immunosuppressive Drug Coverage and Kidney Transplants

Starting January 1, 2023, Medicare is making a huge change that will benefit kidney transplant recipients! Those who have received a transplant will gain access to limited Medicare Part B coverage for as long as they need it to cover the cost of immunosuppressive drugs. This is a major improvement over the previous policy which only allowed for 36-months of coverage.

Capped Insulin Copays

This year brings groundbreaking news for 1.7 million Medicare Part D enrollees who rely on insulin: their insulin copays are being capped at just $35 per month! In 2020, these enrollees were spending an average of $54 per prescription and as much as $100 in some cases - but come January 1, 2023, they'll be saving a lot of money. Thanks to the Inflation Reduction Act, the cost of insulin will be drastically reduced, making a dramatic difference for these enrollees and their families.

COVID-19 Updates

As the COVID-19 pandemic persists into 2023, Medicare remains committed to covering the costs of treatments, vaccines, booster shots, and tests for eligible enrollees. Although this is not a new development, it is important to remember that coverage could be modified if the public health emergency status changes. Until then, Medicare is determined to uphold its coverage policies in 2023.

If You Missed the Enrollment Period

Don’t let this chance slip by you! Medicare has just opened up a special enrollment period for 2023 – giving you a second chance to get the coverage you need and deserve. If you didn’t have the chance earlier due to an emergency, natural disaster, incarceration, or after losing Medicaid coverage, now’s your chance. Don’t wait – sign up today and protect yourself!

Don’t Wait to Review Your Coverage

Now is the ideal moment to take a look at your Medicare coverage and make the necessary modifications, with major shifts on the horizon for 2023, such as capping insulin costs and reducing Part B premiums and deductibles.

Don't let the clock run out on your chance to secure the coverage you need for the coming year! Medicare open enrollment starts on October 15, 2022 and ends on December 7, 2022, so mark your calendar and make sure to take advantage of this limited opportunity to change your coverage. With only a few rare exceptions, this is your only shot at making sure your coverage is up-to-date!