How Medicare Changed for 2023 and Beyond

Important changes to Medicare that we should take a look at

Making Prescription Drugs More Affordable

Starting in 2023, there are a couple of really good changes. First, vaccines will be covered completely, which means you won't have to pay anything for them. That's awesome because vaccines help keep you healthy.

Second, if you need insulin, the most you'll have to pay each month is $35. Insulin is a medication that some people with diabetes need to stay healthy, and this law makes sure it's not too expensive for them.

But there's more! In the coming years, they're going to make even more changes. They'll put a limit on how much you have to pay for prescription drugs in Medicare. So, if you need a lot of medicines, you won't have to pay more than $2,000 each year.

They're also making rules about how much insurance companies can raise their prices for Medicare drug plans. This helps keep costs down for people on Medicare.

Plus, the law lets Medicare negotiate prices for certain prescription drugs. That means they can try to get a better deal and make medicines more affordable for everyone.

So, the Inflation Reduction Act is all about making sure that Medicare beneficiaries can get their prescription drugs without breaking the bank. It's a good thing because it helps people stay healthy without worrying too much about the cost.

The Recording of Medicare Insurance Sales Calls

In 2023, there was a new rule from CMS (that's the Centers for Medicare & Medicaid Services) about recording phone calls. This rule said that all outside groups that help with Medicare, like insurance agents, had to record certain phone calls with customers. This rule started during the Annual Enrollment Period for Medicare, which happens from October 15th to December 7th.

Why did they do this? Well, they noticed a big problem. There were a lot of complaints about ads and sales pitches for Medicare, like on TV and in phone calls. People were saying that these ads weren't following the rules. So, CMS decided to make a rule that says all calls between these outside groups and customers must be recorded.

Recording the calls helps CMS keep an eye on things. They can listen to the calls to see if anyone is breaking the rules when they try to sell Medicare plans. It's like having evidence to make sure everyone is playing by the rules and not tricking people into buying things they don't need. So, this new rule is there to protect Medicare customers and make sure everything is fair and square.

OTC Hearing Aids

Here's some cool news! In 2022, the Food and Drug Administration (FDA) made a new rule about hearing aids. Before, if you wanted a hearing aid, you needed a doctor's prescription, a medical checkup, and someone to adjust it for you. But now, you can just buy them over the counter (OTC), like you do with some medicines.

This change is a big deal because it means you don't have to jump through all those hoops to get a hearing aid. It makes them way more accessible. Around 30 million Americans who couldn't get hearing aids before can now get them easily.

So, it's all about making sure people who have trouble hearing can get the help they need without a lot of hassle. It's like making hearing aids more available for everyone.

2023 Medicare Costs

With this year’s Medicare cost adjustment, there has been a drop in Part B premiums and deductibles and a modest rise in other costs. See a full list of 2023 Medicare costs below.

2023 Part A Cost Breakdown

Depending how many years and quarters you have worked in your lifetime, depends on how much you will have to pay for your hospital coverage.

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2023 Standard Part B Cost Breakdown

Everyone that joins Medicare Part B will have to pay a monthly cost. Everyones Part B cost starts at the same place and goes up from there.

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2023 Part B IRMAA Breakdown

Everyone that joins Medicare Part B will have to pay a monthly cost. Your Income will dictate what your monthly Part B cost is.

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2023 Part D IRMAA Breakdown

Medicare requires everyone to have prescription drug coverage or Part D. Your Income will dictate what your monthly Adjustment cost to Part D is. This cost is in addition to your Part D plan premium

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Every year, Medicare, the federal health program, goes through some changes. They usually make it better and easier for people to use. With all the big changes we've seen recently, it's exciting to see what they have planned for 2024!

Remember, your health is unique, just like you. What's good for one person might not be the same for someone else. So, while these articles can give you helpful information, it's important to talk to a doctor or a nutritionist before making big changes to your lifestyle or diet. They know your health best and can give you advice that's just right for you. Your health is super important, so make sure you're taking good care of it!

You may also reach out to Cosi Agency if you would like some help navigating Medicare. We will help Customize your Medicare to you lifestyle. There is no obligation to purchase anything. Contact us her