2023 Medicare Annual Enrollment is here!
Updated: Nov 11, 2022
Medicare Open Enrollment begins October 15 and closes December 7. It is the time of year when millions of Medicare enrollees can switch from Original Medicare to a Medicare Advantage plan, or vice versa, and make changes to their Medicare Advantage or Part D Prescription Drug Plans.
As you get older, primary care has never been more important! It’s crucial to find a Medicare plan that fits your needs and budget. You can count on Insurance Solutions of the South for affordable coverage with benefits such as $0 monthly premiums, dental, vision and hearing coverage, and hospital, doctor and prescription drug coverage.
Big changes are coming to Medicare Part B enrollment in 2023. The Beneficiary Enrollment Notification and Eligibility Simplification Act (BENES Act) creates some major changes for Medicare beneficiaries beginning January 1, 2023. First, those in the last three months of their Medicare Part B IEP will be able to get a Part B effective date the month after they apply! Second, those applying for Medicare Part B through the Medicare Part B General Election Period will have their Medicare B start the month after they apply. They will no longer need to wait for a July 1 start date! Third, there will be a number of Medicare SEP’s for those applying outside of their IEP or the Medicare GEP. These include those that had an emergency or disaster during their Medicare B IEP or Medicare B GEP, those where an employer or health plan made an error or material representation of information as it relates to the members Medicare enrollment, those who were formerly incarcerated and those who lose Medicaid.
The Medicare Part A premium and deductible will also be changing slightly for 2023. Medicare Part A includes inpatient hospital, skilled nursing, hospice, inpatient rehab and some health care services. The inpatient hospital deductible (if admitted) is changing from $1,556 in 2022 to $1,600 in 2023. Co-insurance will be $400 per day from day 61 – 90 ($389 in 2022).
Medicare Part B monthly premium for 2023 is $164.90 which is a reduction of $5.20 per month compared to 2022. The annual Medicare Part B deductible for 2023 will be $226 which is a reduction of $7.00 per month compared to 2022.
Another notable change for 2023 includes the recording of Medicare Advantage and prescription drug plan phone calls and meetings.
Prescription Drug Plan – insulin will be capped at $35 per month. There are approximately $1.7 million Americans who use insulin who do not receive low-income subsidies. With the passage of the Inflation Reduction Act, which became law in August 2022, copays for insulin will be capped at $35 per month for all Part D plans. Individuals should also keep in mind that many Medicare Advantage Plans include Part D drug coverage with formularies that change annually.
We are here to help you and have in-person, phone and video visits available! Please call Marcy Heath or Dawn Cook at 770.537.5300 for your personal Medicare consultation.