The Medicare open enrollment period runs through December 7th, 2023. Medicare adjusts costs, coverage, and accepted providers on an annual basis. If you have received “Evidence of Coverage,” or an “Annual Notice of Change,” from Medicare, now is the time to review your coverage, and, if necessary, make changes to your Medicare healthcare plan to better suit your needs for the coming year. Any changes made will take effect on January 1, 2024.
For example, beneficiaries can switch from original Medicare, which is managed by the federal government, to a privately managed Medicare Advantage plan, and vice versa. Original Medicare includes Medicare Parts A and B. Part A covers treatment from hospitals, skilled nursing facilities, and hospice. Part B covers doctors’ services, outpatient treatment, medical supplies, and preventive services. Beneficiaries of original Medicare can also add prescription drug coverage through Medicare Part D, as well as coverage for additional out-of-pocket expenses through the Medigap program.
For those who require insulin, as part of the Inflation Reduction Act, the shared cost for insulin will be capped at $35.00 per month for recipients of enrolled in a Part D program. Similarly, those who have opted into Part B and who use an insulin pump will be entitled to the same price cap. In addition, certain vaccinations, including those for Shingles, Tetanus-Diphtheria, and Whooping Cough, will be free for those who have opted into a Part D plan.
For more information, as well as tables reflecting new Part B premium rate increases applicable to high income beneficiaries, click here for the Centers for Medicare and Medicaid Services website.
