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2022 Medicare Annual Enrollment Period (AEP) Survey
Medicare·Enrollment

2022 Medicare Annual Enrollment Period (AEP) Survey

As the Medicare Annual Enrollment Period (AEP) opens up on October 15, our latest HealthInsurance.com Medicare survey indicates that the majority of our Medicare-eligible participants make it a point to review their current Medicare coverage every year. The survey reached 1,000 Medicare beneficiaries ages 65 and older, asking them about their perceptions of their current Medicare plans, healthcare costs, technology, social media and retirement. Medicare AEP Survey Findings Key Finding #1: 63% review their Medicare coverage on an annual basis. Still, only 22% plan to make a change to their current Medicare coverage during the 2022 Medicare Annual Enrollment Period. Of this percentage, 42% want to change plans because they’re looking for more coverage and benefits, which may be offered through a private plan like a Medicare Advantage (Part C) plan. Other highlights: 33% are considering switching from Original Medicare to Medicare Advantage.33% are considering changing from one Medicare Advantage plan to another.20% are considering changing their Prescription Drug Plans (Medicare Part D).Medicare Fact: Original Medicare (Parts A and B) provides hospital and medical coverage to Medicare beneficiaries. Meanwhile, a Medicare Advantage plan can be an alternative to Original Medicare. Medicare Advantage plans may be appealing because many offer extra benefits (dental, vision, hearing), while giving you an annual cap on your spending.It’s no secret for those aging into Medicare that the various Medicare plans can be overwhelming and confusing to Medicare beneficiaries. But our Medicare survey honed in on what - exactly - is more confusing to our participants.Key Finding #2: 41% say understanding benefits is the most challenging part of finding the right Medicare plan for their needs.Other highlights:26% feel there are too many Medicare plans to understand and choose from.17% say understanding the plan costs can be confusing.16% worry about scams or misleading information.Researching and Shopping For Medicare PlansWe also asked our Medicare-eligible survey participants about who they turn to as a trusted source to research their Medicare plan options.Key Finding #1: 58% research Medicare plans online to understand their options.Meanwhile, 37% call their licensed insurance agents for guidance, and 22% seek out a family member or friend for Medicare advice.Key Finding #2: 62% shop for Medicare plans online.Whether it’s insurance company sites, government websites, or online marketplaces, the majority of our survey respondents also turn to the internet when shopping for Medicare plans.Full Survey ResultsView the full Medicare survey results.Survey MethodologyThe above survey results were gathered through a national survey of 1,000 U.S. adults ages 65 and older from September 13-16, 2021. Certain quotas were applied, and the sample was lightly weighted by geography, gender, race, education, and political party to reasonably reflect the 65+ population. (Margin of Sampling Error: +/- 3.1 percentage points)More 2021 HealthInsurance.com SurveysJuly 2021: Medicare Enrollment & Satisfaction SurveyJune 2021: Coronavirus Survey: Pandemic Health CheckupMay 2021: Coronavirus Survey Captures Work & Life In The New NormalApril 2021: Survey: Healthcare Habits And COVID-19 Vaccine ViewsMarch 2021: Coronavirus Anniversary Survey: One Year LaterFebruary 2021: Coronavirus Survey Findings: Coronavirus Vaccines & Prevention Amidst Pandemic FatigueJanuary 2021 (Part 2): Consumer Survey: The 2021 Super Bowl & Coronavirus ConcernsJanuary 2021 (Part 1): January Survey: A Look At 2021 & Healthcare Habits During COVID-19

Medicare In 2023: Changes & Updates
Medicare

Medicare In 2023: Changes & Updates

When planning ahead for your healthcare expenses and how they align with your Medicare coverage, it’s very important to stay informed on the changes to Medicare each year.  Several aspects of Medicare - particularly related to out-of-pocket costs - can change on an annual basis. Beyond costs or plan changes, Congress also occasionally proposes and passes legislation that often impacts Medicare benefits.  In this article, we’ll review the recent changes, including the 2023 Medicare costs and an overall look at the state of Medicare in 2023.         2023 Medicare Costs: An Overview The Medicare costs that change each year are: Part A deductiblePart A daily coinsurancePart B deductible        Medicare Part A CostsThe changes to Part A costs include:Part A deductible - $1,600, an increase of $44 from 2022Part A daily coinsurance for hospital stays over 60 days - $400 per day, an increase of $19 per dayPart A daily coinsurance for hospital stays over 90 days - $800 per day, an increase of $22 per dayPart A daily coinsurance for skilled nursing facility stays longer than 20 days - up to 100 days $200, an increase of $5.50 per month Keep in mind that it is possible to pay the Part A deductible more than once in a year. This would only happen when you have multiple hospital stays in one year, and your stays are separated by more than 60 days. In this situation, you’d pay the Part A deductible each time.When you pay the Part A deductible, that gets you 60 days in the hospital and 20 days in a skilled nursing facility. If your stay goes beyond those times, you’ll have to pay the updated daily co-insurance amounts indicated above.        Medicare Part B CostsThe Part B deductible for 2023 decreased to $226. It was $233 for 2022. You have to pay the Part B deductible each year before Medicare starts  paying its portion of your outpatient care. Unlike the Part A deductible, you’ll only be required to pay the Part B deductible once per year.After you’ve met the Part B deductible, Medicare will pay the first 80% of the cost for your care; you’ll be responsible for the remaining 20%. Besides standard Part B coinsurance, you might encounter Part B excess charges, which can be as much as 15% of the Medicare-approved cost for your care.There were no changes to these coinsurance costs for 2023. How Much Will Medicare Premiums Increase in 2023? The standard Part B premium for 2023 is $164.90, which is a decrease of $5.20 per month. This decrease takes some of the sting out of last year’s increase, which was one of the largest in history. You may pay a higher premium for Medicare if you have incomes exceeding $97,000 (single filers) or $194,000 (married filing jointly).In addition to the costs for using your coverage, you’ll also have to consider the cost for getting your coverage. Most people don't have to pay a premium for Part A coverage (because it’s been pre-funded through payroll tax deductions), but you do have to pay a premium for Part B coverage.        Medicare Part D ChangesAnother major component of your Medicare coverage is Medicare Part D, also known as Prescription Drug Plans (PDPs). Part D is offered by private insurance carriers with a Medicare contract - not offered by the federal Medicare program.        There have been major changes to Part D in the past year as a result of the Inflation Reduction Act. Some of these changes won’t take effect until 2024 or later, but a few of them will be effective in 2023. The changes that will be applicable for 2023 include:Caps on the cost of certain insulinTaxes on excessive increases in the cost for prescription drugsLowering the cost of many vaccinations covered under Part DEach of these changes will have an impact on both standalone Part D Prescription  Drug Plans (PDP) and Medicare Advantage Prescription Drug Plans (MAPD).        New Caps On Insulin PricesThe Inflation Reduction Act has brought us the Insulin Savings Program, which was a temporary “test program” that began in 2020. The program is now permanent and mandatory. But previously, it was optional: Part D plans could choose to participate on a voluntary basis.The Inflation Reduction Act limits monthly cost sharing for covered insulin products to no more than $35 for Medicare beneficiaries, as long as the insulin is on the plans formulary. No deductible will apply to these insulin prescriptions. For 2023 and beyond, insulin prescriptions are capped at $35 for a one month supply. This price level stays the same throughout the year, even if you enter the coverage gap or “donut hole.”        Excise Tax On Excessive Cost IncreasesCost increases on prescription drugs, which are set by the manufacturers, will be subject to a new tax beginning in 2023. Medicare will use 2022 drug prices as a baseline and will investigate the prices for 2023 prescription drugs. If the increases from 2022 to 2023 are larger than the official rate of inflation, the manufacturer will pay a tax equal to 100% of the amount that the increase exceeded inflation for the year.        Drug prices will be tracked each year in this way. The hope is that manufacturers will be less likely to increase prices aggressively since they won’t be able to keep any of the extra revenue that large cost increases used to bring them.While this new policy doesn’t directly reduce or limit the prices you pay through your drug plan, over time, it may allow for smaller copayments and coinsurance for your prescriptions.        Reduced Vaccine Costs Under Part DThe Inflation Reduction Act is also impacting how much you’ll pay for vaccinations under Part D. Prior to 2023, most non-essential vaccines were subject to cost-sharing, which meant that you had to pay a copayment or coinsurance for them. For example, the shingles vaccine was famously expensive.        For 2023 and beyond, many Part Dcovered vaccines will be available at no cost. This brings the Part D vaccinations into alignment with the rules and cost structure for Part B vaccines (like the COVID-19 and flu shots). This includes the shingles shot, so protecting against this painful illness will be cheaper starting in 2023.        There are still vaccines that you’ll have to pay for under Medicare, even after these recent changes. Vaccines that are needed to treat injuries or exposure to certain diseases may still require cost-sharing. General Enrollment Period (GEP) ChangesThe last major change to Medicare in 2023 relates to entering Medicare when you’ve missed your original enrollment window.        Most people get to enter Medicare when they turn 65-years-old. In that case, you have a seven-month enrollment period known as your Initial Election Period (IEP) during which you can enroll. If you miss this chance, you have to enroll during the General Enrollment Period (GEP). GEP runs from January 1st to March 31st each year. Previously, if you enrolled during the GEP, your Medicare coverage wasn’t effective until July 1, which left you with a significant gap in your medical coverage.For 2023 and beyond, your coverage will be effective on the first day of the month after you sign up during the General Enrollment Period, eliminating the lengthy waiting period.        Learn MoreIf you still have questions about 2023 Medicare costs and how they impact you, call 800-620-4519 to speak to one of our licensed insurance agents. You can also view our Medicare resources online:Compare Medicare plans: Visit our Medicare plan comparison tool.Learn about Medicare: View our Medicare Learning Center.Note: These 2023 Medicare costs and updates are courtesy of the Centers for Medicare & Medicaid Services (CMS). For more information, visit the CMS newsroom. 

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Medicare · Costs

How to Reduce Medicare Premiums and Save Money

While Medicare Part A is premium-free to most Medicare beneficiaries, Medicare Part B has a monthly premium. Even if you choose a Medicare Advantage plan you’ll be paying at least your Medicare Part B premium to get coverage, which is $170.10 in 2022. That can be a lot of money if you’re retired, disabled, or struggling with significant health concerns. Are you wondering how to reduce Medicare premiums? There are ways to save money on your Part B premium. This guide will show you some simple ways to save money on Medicare premiums so you’ll be better able to manage your budget. 1. Sign Up When First Eligible The first step to keeping your Part B premiums affordable is to sign up when you’re first eligible. If you don’t, you’ll pay a late enrollment fee when you decide to sign up for Part B later on. Your premium will go up 10% for each 12-month timeframe that you didn’t have Part B, and you’ll pay this higher premium every month. This really adds up, so make sure you enroll in Part B or Medicare Advantage during your initial enrollment period. There is one exception — if you have qualifying coverage from a group health insurance plan, you can delay getting Part B without the penalty. This usually happens if you’re still working after your 65th birthday and have insurance through work. However, when that coverage ends you’ll be given a special enrollment period to start your Medicare coverage. If you delay enrollment at that time, you’ll start building up a penalty. Understand Medicare Enrollment Periods When can you enroll in Medicare? Your initial enrollment period starts three months before you turn 65, includes your birthday month, and extends three months afterward. You’ll want to review the available plans in your area, including Medicare Supplement (Medigap) plans, during this seven-month period so that you end up with the coverage you need. After your initial enrollment period, if you want to enroll in Part A or Part B, you can only do that during the General Enrollment Period, which occurs January - March of every year. If you enroll in Medicare Part A or B during the GEP, your coverage will be effective July 1st of that year. For your overall Medicare plan options, you can make updates to your Medicare coverage during annual enrollment each fall. Annual enrollment goes from October 15 to December 7 of each year, and you can make changes to both Original Medicare and Medicare Advantage plans. For example, if you have Original Medicare, you can join an Medicare Advantage plan during the AEP; or, say you were enroll in a Medicare Advantage plan, you could choose to go to Original Medicare coverage along with a stand-alone Part D plan. Again, the AEP is the time everyone in Medicare gets to change their Medicare options. Finally, if you have a Medicare Advantage plan, you can make changes to your plan during the Medicare Advantage Open Enrollment period between January 1 and March 31 each year. 2. Sign Up For A Medicare Savings Program (MSP) Another option as you look at how to reduce the Medicare Part B premium (or Part A premium, if you pay one) is to sign up for a Medicare Savings Program (MSP), which are based on your assets and income. There are four kinds of Medicare savings programs: The Qualified Medicare Beneficiary Program (QMB) is the most comprehensive and has the strictest requirements. If you qualify, the QMB program will pay all of your premiums along with your deductibles, coinsurance, and copayments for Medicare-covered care and items. The Specified Low-Income Medicare Beneficiary (SLMB) program pays only Part B premiums, and for those who can earn more and have more resources that those eligible for QMB. The Qualifying Individual (QI) program also pays Part B premiums for those with limited income and resources. You have to reapply every year, and QI doesn’t apply to those with Medicaid. Finally, if you’re disabled but working, the Qualified Disabled and Working Individuals (QDWI) program helps pay Part A premiums for those that lost their disability benefits and premium-free Part A due to returning to work. 3. Defer Your Income If you have a higher income, you may have noticed that your Part B premium is higher than the standard amount. Understanding how to lower the Medicare Part B premium is important for higher-income Americans. Deferring income to future tax years can help you keep your Part B premium lower than it would otherwise be. Your premium is based on your tax return from two years earlier, so your 2022 costs are due to your 2020 tax return. Do Medicare Premiums Decrease With Income? Your Medicare premiums are set at the standard amount unless you are higher income or you qualify for an MSP. If you make more than the high-income threshold, the more you make the more you will pay. For example, for 2022, an individual that made more than $91,000 in 2020 will pay a higher premium. If you made over $114,000 in 2020HSA , you’ll pay more than someone who makes $100,000. Lowering your income below the higher-income threshold will help keep your premiums lower, and if you are already lower-income, consider applying for an MSP to take care of your Medicare premium for you. 4. Deduct Premiums From Your Taxes Another way to save money on Medicare is to use specific medical expenses as tax writeoffs. This includes deducting your Part B, Part D, and/or Medicare Advantage premiums from your taxes up to a specific limit. You can only deduct medical expenses that you paid out-of-pocket that exceed 10% of your Adjusted Gross Income (AGI). You also have to itemize deductions instead of taking the standard deduction. Learn More About How to Save on Medicare Premiums Through this guide, we’ve provided some answers to the question, “How can I reduce my Medicare premiums?” Taking these steps can make a big difference in how much you pay for Medicare over the course of your life. If you have other questions about Medicare premiums or are interested in talking to a licensed agent about your plan options, we’re here to help. Contact us today!
How to Reduce Medicare Premiums and Save Money

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