The Centers for Medicare & Medicaid Services (CMS) revealed on Thursday, August 31st 2023, that the initial group of ten Medicare Part D medications slated for negotiation under the Inflation Reduction Act (IRA) has been identified.
These drugs have been designated based on the outlined criteria within the IRA. This legislation mandates that CMS prioritize drugs with the highest Medicare expenditure and minimal competition, among other considerations. The resulting roster encompasses medications that are crucial for numerous Medicare recipients in treating various conditions such as cancer, diabetes, blood clotting, heart failure, autoimmune disorders, and chronic kidney disease. Negotiations regarding pricing will commence this year between CMS and the participating pharmaceutical manufacturers. […]
National Immunization Awareness Month
August marks Immunization Awareness Month, a time when we focus on the health of seniors by educating on immunizations. Seniors staying up-to-date with vaccinations can play an important role in preventive care. Fortunately, Medicare Part B and D plans offer comprehensive coverage for a range of vaccines, ensuring that older adults can access the protection they need to lead healthier, active lives. The recently passed Inflation Reduction Act Lowers Health Care Costs for Millions of […]
5 Tips to Protect Yourself from Medicare Fraud: Stay Safe and Informed
As a senior citizen, you rely on Medicare to provide you with the medical care you need to stay healthy. Unfortunately, scammers and fraudsters also know how valuable your Medicare benefits are, and they will go to great lengths to try to trick you into giving up your personal information or signing up for services you do not need. Here are some tips to help you avoid Medicare fraud: 1. Protect your Medicare card: […]
Medicare Prescription Drug Inflation Rebate Program
We have some exciting news to share with you! The Biden-Harris Administration recently launched the Medicare Prescription Drug Inflation Rebate Program, which will protect you and taxpayers against drug price hikes that exceed the inflation rate. Starting from April 1, 2023, you will have access to 27 Part B prescription drugs that will be available at lower coinsurance rates. Depending on your individual coverage, you may save between $2 and $390 per average dose. This […]
Out-of-Pocket Costs to Anticipate
As we are now a couple of months into 2023, it’s important for Medicare beneficiaries to understand the out-of-pocket expenses associated with their healthcare coverage. While Medicare provides essential healthcare benefits for millions of seniors and people with disabilities, it does not cover all medical costs. This is where Medicare Advantage, Part D plans, and Supplemental plans come into play. Understanding the out-of-pocket costs associated with these plans can help you make more informed decisions […]
2023 Medicare Parts A & B Premiums and Deductibles 2023 Medicare Part D Income-Related Monthly Adjustment Amounts
On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts. Medicare Part B Premium and Deductible Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. Each […]
Medicare and Health Savings Account
A Health Savings Account (HSA) lets you deposit untaxed dollars into a savings account that can be used to pay for qualified medical necessities. Employers and financial institutions offer this kind of savings account to eligible individuals. You may only contribute to an HSA at age 65 or older if you are covered by an HSA qualified health plan, you are not a tax dependent, and you are not enrolled in Medicare. You will not […]
Making the Most of Your Medicare Plan: Know Your Benefits and Save Money
Whether you’re on a limited income, or just trying to justify how much you’re paying for your Medicare Advantage plan, we all want to get the most out of our health care plan. Every plan comes with a lot of information and explanation about its benefits, and it can be overwhelming to drill down into these documents to find useful savings, discounts, and benefits. In this article, we’re covering some of the resources and features […]
Medicare vs. Medicaid
While their names may sound alike, Medicare and Medicaid are two different programs. Both are government programs that can help you pay for healthcare and medical expenses, but that’s about all they have in common. Medicare is a federal insurance program for people who are 65 years or older, and for some people with disabilities. Medicaid, on the other hand, is a joint federal and state program that helps people with limited resources pay for […]
Ways to Save on Medicare Costs
When it comes to saving on your Medicare costs, there are several things you can do. From enrolling at the right time, to performing a thorough annual review, to using Medicare Part C, or Medicare Advantage Plans, there are many options available to help you cut your Medicare costs. It is always a good idea to work with an expert on Medicare (like an independent Medicare insurance agent) who can help make sure you have […]