Senior News Hubb
Advertisement Banner
  • Home
  • Old-Age Home
  • Senior Benefits & Policies
  • Senior Healthcare
  • Contact
No Result
View All Result
  • Home
  • Old-Age Home
  • Senior Benefits & Policies
  • Senior Healthcare
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Senior Benefits & Policies

Medicare Insulin Cap Not Reflected on 2023 Plan Finder

admin by admin
December 15, 2022
in Senior Benefits & Policies


In August 2022, Congress passed the Inflation Reduction Act which resulted in a plethora of changes to Medicare coverage, specifically Medicare Part D. One of these changes includes a $35 out-of-pocket maximum for insulin each month. However, this change to Medicare Part D plans was not announced in time for the Centers for Medicare & Medicaid Services (CMS) to make the necessary changes to their Medicare Plan Finder tool on Medicare.gov.

Find Medicare Plans in 3 Easy Steps

We can help find the right Medicare plans for you today

What is the Medicare Insulin Cap?

With the recent passing of the Inflation Reduction Act, several cuts have been made to Medicare drug prices. One of the most notable cuts is seen by those who depend on insulin each month.

If you are on a Medicare Part D plan and are prescribed insulin, your monthly out-of-pocket maximum cost will be $35 as on January 1, 2023. If you use an insulin pump, your $35 copayment will go into effect on July 1, 2023.

This is a huge price cut for some. In recent years, the cost of insulin has risen significantly, making it difficult for many seniors to receive the care they require. The new $35 insulin cap is allowing people on Medicare peace of mind in knowing that their insulin costs will now be more affordable across the board.

Why Do Medicare Part D Plans Not Reflect the Insulin Cap?

If you have been researching 2023 Medicare Part D plans and notice your monthly insulin cost to be higher than the $35 maximum, you are not alone. Due to the timing of the newly passed bill, CMS did not have enough time to make the necessary changes to the Medicare Plan Finder in time for the 2023 plan roll out.

The Medicare Plan Finder is a useful tool for consumers and insurance agents to help find the best Medicare Part D plans for your drugs. The tool sorts plans by cost to help you find the best option for your budget.

Yet, during this Annual Enrollment Period, the Medicare Part D Plan Finder tool is not as accurate as in past years. This is due to the tool showing incorrect insulin costs.

Currently, with an inaccurate insulin cost, the Plan Finder cannot accurately calculate when you may move to the next drug coverage phase, and how that will affect your copayments and coinsurance for other prescriptions you may need.

Because of this issue, it is more important now than ever to speak with a licensed Medicare agent when enrolling in Medicare Part D specifically.

Find Medicare Plans in 3 Easy Steps

We can help find the right Medicare plans for you today

Special Enrollment Period for Insulin-Dependent Seniors

Due to the error in the Plan Finder tool, CMS is allowing insulin-dependent seniors to use an extenuating circumstances Special Enrollment Period throughout 2023 to fix any anticipated enrollment mistakes.

Typically, if you wish to make a change to your Medicare Part D plan, you must do so during the fall Annual Enrollment Period for the upcoming year. However, this Special Enrollment Period allows you to switch your 2023 Medicare Part D plan one time between December 8, 2022, and December 31, 2023.

How to Find the Best 2023 Medicare Part D Plan

Ensuring you enroll in the best Medicare Part D plan is essential to ensure you pay the lowest cost for your drugs throughout the year. Enrolling in a Medicare Part D plan with the assistance of a licensed Medicare agent for 2023 is the best way to ensure you enroll in the right plan.

To contact an agent, call the number above or complete our online rate form to receive your side-by-side plan comparison today!

Jagger Esch is the Medicare expert for MedicareFAQ and the founder, president, and CEO of Elite Insurance Partners and MedicareFAQ.com. Since the inception of his first company in 2012, he has been dedicated to helping those eligible for Medicare by providing them with resources to educate themselves on all their Medicare options. He is featured in many publications as well as writes regularly for other expert columns regarding Medicare.

Ashlee Zareczny

Compliance Supervisor and Licensed Medicare Agent https://www.medicarefaq.com/

Ashlee Zareczny is the Compliance Supervisor for MedicareFAQ. As a licensed Medicare agent in all 50 states, she is dedicated to educating those eligible for Medicare by providing the necessary resources and tools. Additionally, Ashlee trains new and tenured Medicare agents on CMS compliance guidelines. Ashlee is a Medicare expert who specializes in Medicare Supplement, Medicare Advantage, and Medicare Part D education.



Source link

Previous Post

Year-End Tax Strategies – Senior Planet from AARP

Next Post

Chien-Chi Huang, Health Activist – Senior Planet from AARP

Next Post

Chien-Chi Huang, Health Activist - Senior Planet from AARP

Recommended Post

Open Thread: If I knew then….

3 days ago

The Importance of Creating an Advance Directive

6 months ago

How To Be Your Own Healthcare Advocate

6 months ago

Heatwaves and Senior Health – Senior Planet from AARP

6 months ago

Year-End Tax Strategies – Senior Planet from AARP

2 months ago

Always Best Care Answers Increased Demand for Senior Care With New Territory Growth

5 months ago

What Is the Medicare Coverage Gap Discount Program?

6 months ago

Assistive Devices Help Seniors Maintain Functional Health

6 months ago

© 2022 Senior News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Old-Age Home
  • Senior Benefits & Policies
  • Senior Healthcare
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Old-Age Home
  • Senior Benefits & Policies
  • Senior Healthcare
  • Contact

© 2022 Senior News Hubb All rights reserved.