By Nina Besant, Burley & Besant Medicare Benefits ~
In August 2022, the Inflation Reduction Act was signed into law, marking a pivotal moment in healthcare legislation since the Affordable Care Act. This 10-year tiered implementation act introduces changes each calendar year, affecting many Medicare beneficiaries who remain unaware of the upcoming adjustments.
For 2023, key changes included a $35/month cap on insulin cost-sharing for Part B & Part D and free adult vaccines for those with Medicare prescription drug coverage starting January 1, 2023. Additionally, drug companies that increase prices faster than inflation must pay Medicare a rebate.
In 2024, the Inflation Reduction Act will expand the low-income subsidy program (LIS or “Extra Help”) under Medicare Part D to 150% of the federal poverty level, providing more assistance for Medicare prescription drug coverage premiums and out-of-pocket drug costs. Furthermore, the 5% catastrophic coverage phase will be eliminated, with health plans absorbing the costs.
The Medicare Annual Enrollment Period runs from October 15th to December 7th. During this short window, Medicare beneficiaries are inundated with information from carriers, TV commercials, and advertisements. It is crucial for Medicare beneficiaries to review their plans with a trusted Medicare broker this year. This ensures medications are on the plan’s formulary, co-pays or co-insurance costs are manageable, and plan premiums remain affordable.
