Medicare Changes

3 Medicare Changes That Will Save Money by 2023

In 2023, the government is implementing several changes to Medicare that are designed to help seniors save money on their medicare plan b and life and health insurance. Here are three of the most significant changes.

Lower costs for Medicare Part B

Original Medicare is made up of Parts A and B. Part A covers inpatient care at hospitals and nursing facilities, and most people don’t pay any premiums for it. Part B covers outpatient medical care, such as doctor visits, and there is a monthly premium and deductible for it. In 2023, the monthly premium for Part B will be $164.90 and the deductible will be $226, which is lower than the current costs of $170.10 per month and $233 for the deductible.

Increased coverage for kidney transplant recipients

Only 36 months after a successful kidney transplant are now covered for immunosuppressive medications for Medicare beneficiaries with End Stage Renal Disease (ESRD). Beginning in 2023, these drugs will be covered beyond 36 months for those without other healthcare coverage. There will be a monthly premium of $97.10 for this coverage.

Caps on out-of-pocket costs for Medicare Part D insulin

Starting on January 1, 2023, all Medicare recipients who use Part D-covered insulin will have their monthly out-of-pocket costs capped at $35 for a one-month supply. Those who purchase a 60- or 90-day supply of insulin may pay more per prescription, but it will not exceed $70 for a 60-day supply or $105 for a 90-day supply. This change does not apply to insulin used in traditional insulin pumps, which are covered under Medicare Part B. On July 1, 2023, similar caps will start to apply to the insulin used in these pumps.

It is important to review your 2023 medicare choice to learn about any changes that may affect you. Keep in mind that these changes may not all apply to you, but it is always a good idea to know what your insurance covers and does not cover. If you’re unsure about which medicare plan b or life and health insurance plan are right for you, consider talking to one of our Medicare Answer Team agents. 

They can help you understand your options and guide you through the process of choosing a plan that will best meet your healthcare needs. They will help you make an informed decision on your medicare choice and provide you with the best plan that fits your needs. Don’t hesitate to reach out to the Medicare Answer Team, they are here to help you navigate the complex world of healthcare and insurance.