Good News for Seniors in 2023
Updated: Jan 24
Diabetes in the 2023 Inflation Reduction Act
We just flipped the calendar to 2023 and...there is good news to share! Starting January 1, people enrolled in a Medicare Prescription Drug Plan will not pay more than $35 for a month's supply of each insulin they take, and the Part D deductibles will not apply to insulin.
If you have Traditional Medicare and take insulin through a pump that is covered by the durable medical equipment benefit under Part B, then starting July 1, 2023, you will not pay more than $35 for a month’s supply of insulin, and the deductible will not apply to the insulin.
Vaccines in the 2023 Inflation Reduction Act
Effective immediately, people with Medicare Part D drug coverage, or a Medicare Advantage Plan with drug coverage, pay nothing out-of-pocket for even more vaccines, including the shingles vaccine.
It is important to note that some adult vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) are covered under Part B and others are covered under Part D. This "vaccine cost-sharing" applies to Part D vaccines, for which your physician needs to write a prescription and send it to your insurance carrier for coverage if the vaccine is administered in the physicians office. If you go to a pharmacy for the vaccine, no prescription is needed.
Prescription Drug Costs in the 2023 Inflation Reduction Act
The good news about prescription drug costs is that Medicare is working on your behalf to keep drug prices at bay. They are doing this in the following ways: rebates, co-insurance, and price negotiation. These are all happening behind the scenes and may not impact you for a couple of years. It is just good to know that it is in the works.
Rebates: In an effort to keep drug prices from escalating too quickly, beginning on January 1, 2023, drug manufacturers will be required to pay rebates to Medicare if certain Part B drugs decrease faster than the rate of inflation.
Co-Insurance: The increase of drug prices will be assessed quarterly. If drug manufacturers did escalate their prices faster than the rate of inflation on certain Part B drugs, starting April 1, 2023, people with Traditional Medicare may pay a lower coinsurance for those drugs.
Price Negotiation: For the first time ever, Medicare will be able to negotiate directly with manufacturers for the price of certain brand-name Medicare Part B and Part D drugs that are without competition. By September 1, 2023, CMS will announce the first 10 Medicare Part D drugs selected for the Drug Price Negotiation Program. However, the negotiated rates for these first 10 Part D drugs will not go into effect until 2026.
At a time when prices are soaring, it's great to report some savings, especially as it relates to your healthcare. The information contained in this blog comes from the following links.
For more details on the Inflation Reduction Act Timeline to see when to expect scheduled benefits: https://www.cms.gov/files/document/10522-inflation-reduction-act-timeline.pdf.
To read the news straight from Medicare: https://www.medicare.gov/about-us/inflation-reduction-act
We are happy to answer your Medicare questions. Call John at (941) 315-5801 or click here to schedule your FREE Medicare Review. For existing Medicare clients, an annual review is recommended in the fall of each year near the Annual Enrollment Period. If you are turning 65 and new to Medicare, we can help you with your plan selection during your Initial Enrollment Period. We are here for you.
Your Licensed Medicare Specialist
John Bozer, MBA
Independent Medicare Insurance Representative
PHONE: 941.315.5801 • EMAIL: John@Bozer.biz WEBSITE: Medicare.BozerFinancial.com