Selecting the Right Part D Drug Plan

Selecting the Right Part D Drug Plan

Each year during the Annual Enrollment Period (AEP), Medicare enrollees can enroll in or make a change to their Medicare Advantage and/or Part D coverage. AEP takes place each year from October 15th thru December 7th and any changes made are effective on January 1st of the following year. AEP is also the time of…

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Medicare Premium, Deductible, Cost-Sharing and Other Changes for 2023

Medicare 2023 Changes Medicare Premium, Deductible

The Centers for Medicare & Medicaid Services (CMS) update Medicare rate and benefit changes annually. CMS recently announced changes to Premiums, Deductible and Cost sharing for the 2023 year. We’ve summarized the main changes below.  Medicare Part B Premiums The standard monthly premium for Medicare Part B enrollees is decreasing from $170.10 in 2022 to…

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Changes Coming to Part D Prescription Drug Costs

Changes Coming to Part D Prescription Drug Costs

The Senate passed the Inflation Reduction Act on August 7, 2022, which has significant provisions affecting Medicare drug prices. In addition, most Part D plans change annually. The changes you may see with your Part D plan include a different premium, deductible, cost-sharing limits, and covered drugs.  Below is a summary of some of the…

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Important Medicare Enrollment Timelines

There are important timelines when it comes to signing up for Medicare and enrolling in Medicare insurance plans that you need to be aware of. In addition to familiarizing yourself with these timelines, we recommend reaching out to a trusted Medicare advisor at least three (3) months prior to turning 65 to determine your action…

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Budgeting for Medicare

Overview of Costs Medicare consists of “Original Medicare” known as Part A and Part B, plus any Medicare insurance plans you may elect to enroll in, like a Medicare Advantage plan (also known as “Part C”), Medicare Supplement plan, and/or a Prescription Drug Plan (also known as “Part D”).  When budgeting for Medicare, there are…

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Appealing a Higher Part B or Part D Premium

Income Related Monthly Adjustment Amount (IRMAA) article to see the income thresholds and applicable IRMAA charges for Part B and Part D.   To determine whether IRMAA charges apply, Medicare defaults to looking at your modified adjusted gross income as reported on your IRS tax return from two years prior. For example, in 2022, they would…

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