Main Points
- The open enrollment period begins on October 15, 2022, and runs through December 7, 2023.
- In 2023, Part A deductibles and premiums will rise, but Part B deductibles and prices could fall.
It’s once again that time of year. It’s time to clean your reading glasses and analyze the most recent modifications to your Medicare coverage. Reviewing your coverage and forthcoming changes is the only way to ensure you’re getting the most out of your Medicare coverage, as tedious as the process can occasionally be.
Going into 2023, there is a lot of good news. You’re sure to appreciate the upcoming adjustments, which range from capping insulin copays to lowering Part B coverage prices and deductibles. So let’s look more closely at the significant changes that Medicare will undergo in 2023.
Basics of Medicare
The federal government sponsors and oversees the Medicare program. It’s intended to provide health insurance for seniors over 65, younger individuals with impairments, and persons with end-stage renal illness, also known as permanent kidney failure requiring dialysis or a transplant.
Each coverage component is designed to cover a particular class of medical costs.
- Inpatient treatment, hospitalization, hospice care, and some home healthcare are all covered by Part A, sometimes known as hospital insurance.
- Part B, or medical insurance, covers outpatient care, preventative services, and medical supplies.
- Prescription drug expenses are aided by Part D
Contrary to popular belief, Medicare is not a free service. Many Americans do, even though they don’t pay a monthly premium for Part A. Every month, an individual must pay a premium for Parts B, and D. Part D has copays that compel them to cover a portion of the cost of most prescriptions.
Medicare Part B Deductible and Premium
The first positive news is a decrease in the standard Medicare Part B monthly premium, which will drop from $170.10 in 2022 to $164.90 starting in January 2023. Additionally, the Part B deductible is anticipated to decrease for the first time since 2012. The deductible for this year is $226 instead of the previous year’s $233.
Medicare Part A Deductible and Premium
Sadly, starting in 2022, individuals who must pay a premium for Part A will see a rise. The new 2023 premium will be $278 per month, an increase of $4 from the 2022 cost. The Part A deductible may also increase. In 2023, $1,600 will replace the $1,556 from 2022.
Your Medicare Coverage Will Now Begin on New Dates
First-time participants who qualify will get access to their coverage early in 2023. Starting on January 1, 2023, individuals who enroll in Medicare in the month they turn 65, during the final three months of their initial enrollment period, or during the general enrollment period will begin receiving coverage on the first day of the month after enrollment.
Coverage of Kidney Transplants and Immunosuppressive Drugs
Before this most recent change, kidney transplant recipients would lose their Medicare eligibility after 36 months. In 2023, this policy will change formally. As of January 1, kidney transplant recipients will still be eligible for limited Medicare Part B coverage to assist with paying for the immunosuppressive medications they use for as long as necessary.
The Cost Of Insulin Will Be Capped
This year marks a significant change for Medicare beneficiaries who depend on insulin. Insulin copays will be limited due to the Inflation Reduction Act, passed earlier this year. The price of insulin will be regulated at $35 per month on January 1, 2023!
Over 1.7 million Medicare Part D beneficiaries use insulin. These enrollees paid an average of $54 for each prescription in 2020, with many spending up to $100. Future participants and their families will significantly differ if those fees are capped at $35 per month.
Updates for COVID-19
Even if it’s not a brand-new development, the extension of COVID-19 coverage through 2023 deserves to be mentioned. As it did in 2022, Medicare will continue to pay for eligible Medicare members’ medical procedures, vaccinations, booster doses, and testing.
If the public health emergency changes, this specific coverage might be altered. But until then, 2023 is likely to be more of the same.
Another Opportunity to Enroll in Medicare
Those who didn’t sign up for Medicare during the open enrollment period may be eligible to sign up during the new particular enrollment period. To protect persons who were unable to enroll due to a specified set of exceptional circumstances, such as natural disasters, incarceration, an emergency, or after losing Medicaid coverage, a new special enrollment period will be implemented for 2023.
Never Put Off Reviewing Your Coverage
In 2023, Medicare will look different. There are several things to think about, like insulin price caps, cheaper Part B rates and deductibles, and new start dates going into effect on January 1. All the more incentive to assess your coverage at this time and make the required changes.
The Medicare open enrollment period will run from October 15, 2022, to December 7, 2022. With a few notable exceptions, this is probably your only opportunity to modify your insurance. It’s up to you to make sure the coverage you obtain in 2023 will match your anticipated demands during this time.
Featured Image: Pexels @ RODNAE Productions
