(Photo: Commonwealth Fund)
Healthcare has become more expensive for everyone, especially for seniors who are on fixed incomes and often have more health issues. Luckily, the government is modifying the program to help seniors save money.
1. Medicare Part B costs are falling
Part B is medical insurance covering most doctor visits and outpatient expenses. It has a deductible and a premium.
In 2022, most people will pay $170.10 per month with a $233 deductible. However, it will be reduced to $164.90 in 2023, and deductibles will be reduced to $226. Some high earners will pay more, but it will be lower than 2022.
(Photo: FinanceBuzz)
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2. Increased insurance coverage for kidney transplant recipients.
Medicare recipients with End Stage Renal Disease (ESRD) only receive coverage for immunosuppressive drugs for 36 months following a successful kidney transplant. Next year, these drugs are covered beyond 36 months if you have no other healthcare coverage.
You’ll still have to pay your Part B and a monthly premium of $97.10 for this coverage. If you want it to begin on January 1, 2023, you must sign up by December 31, 2022.
3. Medicare Part D insulin cost caps
All Medicare recipients who use Part D-covered insulin will have their monthly costs capped at $35 for a one-month supply beginning January 2023. Those who buy a 60-90-day supply may pay more per prescription because they’re getting a few months of insulin at a time, but it should be at most $70 for a 60-day supply or $105 for a 90-day supply.
This does not apply to insulin used in traditional insulin pumps, which are covered by Medicare Part B rather than Medicare Part D, but similar caps will apply to insulin used in these pumps starting July 1, 2023.
These changes may not apply to you, but they are worth keeping in mind. Knowing what your insurance does and doesn’t cover is always a good idea. Find some time to review your 2023 Medicare coverage to learn about any additional changes to the program that could affect you.
READ ALSO: 3% Lower Medicare Part B Plans for 2023
