New year brings changes to Medicare

As we know Medicare changes are expected each year and there will be several changes for Medicare enrollees in 2023. Some of the changes apply to Medicare Advantage and Medicare Part D, which are the plans that beneficiaries can change during the annual fall enrollment period that runs from Oct. 15 to Dec. 7. According to Centers for Medicare and Medicaid Services, here is an overview of the most noticeable changes to come.

Original Medicare

If your standard premium for Medicare Part B is $170.10 per month in 2022, it will now be decreasing to $164.90 per month in 2023. This is the first year we have seen a decrease since 2012. According to the Centers for Medicare and Medicaid Services, Medicare Part B spending was lower than expected in 2022, leaving a surplus of funds that are now being used to decrease premiums for year 2023.

Social Security

The Cost of Living Adjustment is expected to be around 8.7%, which is the largest seen in decades. The increase in Social Security benefits will now benefit seniors more unlike in 2022, when a chunk of seniors' COLA had to be used to cover the additional Part B premiums (Part B premiums are deducted from Social Security checks). Since the Part B premium is decreasing in 2023, the COLA will be fully available for beneficiaries to use to cover other living expenses, which have increased sharply in 2022.

Medicare Part D

Information received from Medicare.gov states that starting in 2023, the cost of a one-month supply of each Part D-covered insulin will be capped at $35, and you won't have to pay a deductible for insulin. This applies to everyone who takes insulin, even if you get Extra Help Benefits.

Extra Help is a program through the Social Security Administration that helps to pay for prescription drug coverage cost for those who are eligible.

Your costs can't be more than $35 for each month's supply of each covered insulin. For example, if you get a 60-day supply of a Part D-covered insulin, you'll generally pay no more than $70.

Starting July 1, 2023, similar caps on costs will apply for insulin used in traditional insulin pumps (covered by Medicare Part B).

If you take insulin, you should get help comparing plans and costs for 2023 with a certified SHIP benefits counselor because:

• You will receive free personalized health counseling services.

• A certified SHIP counselor can assist you with applying for programs that can help with the cost of medications or Medicare premiums.

• The brand-new $35 cap benefit may not be reflected in your estimated total cost when you review and compare plans on the Medicare plan finder (Medicare.gov website). SHIP counselors assist you with navigating the website to find the exact cost you can expect for your prescription cost and coverage.

• You can find out how much and if your Medicare plan benefits cover your diabetic medical supplies.

• You can find out where to get Medicare-covered DME and test items.

• You will find out the estimated amounts on how much you will be responsible for on out of pocket cost.

If you need assistance with your Medicare benefits or just have questions, please contact certified SHIP Benefits Counselors Angela Glass and Vonne Wilson at the Ark-Tex Area Agency on Aging, 1-800-372-4464. Log on to our Facebook page at Ark-Tex Council of Governments to get all the updates on your Medicare benefits, community resources and upcoming Facebook Live presentations.

Upcoming Events