Medicare enrollment and reviews end Dec. 7

Nov 22nd, 2022 | By | Category: Personal Finance/Consumers

The annual Medicare enrollment period, besides bringing in first-time enrollees, is also a once-a-year opportunity for Medicare users to evaluate and possibly make money-saving changes in their coverage. But only about 10 percent of current Medicare users do, according to the National Council on Aging. The result is they can end up overspending for coverage they don’t need or use.

During this year’s enrollment period, which started Oct. 15 and ends Dec. 7, “the stakes are higher than ever,” said Josh Hodges, the council’s chief customer officer. “With inflation at a 40-year high and a recent U.S. Census report showing that poverty increased among Americans age 65 and older, it’s critical that people with Medicare use this time to make sure their plan meets their budget and their health care needs.”

There is good news for Medicare beneficiaries in 2023. The Biden Administration announced  the projected average premium for Medicare Advantage plans is $18 per month, nearly 8 below the 2022 average premium of $19.52. The average monthly premium for standard Part D coverage is expected to be $31.50, compared to $32.08 in 2022.

The recently enacted Inflation Reduction Act also will put new limits on drug price increases, cap monthly out-of-pocket costs for insulin at $35, and make vaccines free with no copay.

“When assessing options, we recommend individuals look at cost, coverage, and convenience,” Hodges said. “Every year, Medicare plans change, and so do people’s personal health situations.”

Information about options is online at medicare.gov and ncoa.org/medicare.

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