Having a degree in Economics, I watch political & governmental policies to be able to anticipate how they will affect my Medicare clients as well as my parents.
Due to the Inflation Reduction Act of '22, beginning January 1st, Medicare will be giving less money to the insurance companies to cover the cost of enrollees’ prescription drugs.
This can be read as a Cut in Medicare Funding.
That means that this deficit will have to be made up for by the insurance companies & the enrollees.
While the new plans haven't been released yet, we're likely to see changes due to the funding cut.
What will that likely look like? Part D Drug Plans will likely have higher premiums & deductibles.
Medicare Advantage Plans will likely have to reduce some of their ancillary benefits such as dental, vision, hearing, & OTC cards to help pay for prescription drugs.
This is not the end of the world, but I do want you to be aware of it so you can be sure to be minimize your costs & maximize your benefits.
Some insurance companies will fare better than others with this Medicare Reduction in Funding.
Please be sure to look at your plan material when it's mailed out to you. If you don't receive it, call your company & request it.
With so many changes being implemented in Medicare this year it's important to know what you're being offered so you can compare it to other plans available to you.
If you're checking out plans, ALWAYS confirm with your providers that they will accept the plan you're looking at. DON'T take a tele-agent or field agent's word for it.
You've worked too long & paid too much into Medicare to not have the very best plan to cover your specific needs.
I'm VERY protective of my clients. If you have any questions, please feel free to give me a call. I work with all the major plans & there's never any charge for my services!
Comments