2023 looks like a much better year for Medicare than 2022. In 2022, we saw large increases to Medicare OG and Supplement premiums because of some uncertainty around the market. Things have settled down quite nicely and I’m happy to report exciting news for 2023. Members have a lot to look forward to.
Medicare Plans Cannot Charge more than $35 for Insulin
New in 2023, there is a change to Medicare Part D Insulin costs. Because of the Inflation Reduction Act passed by Joe Biden in August, plans cannot charge more than $35 for a one-month supply of each Medicare Part D-covered insulin. Your plan cannot charge a deductible for insulin either.
This is a huge new benefit! Insulin prices have become outrageous and immoral. This is a great step in the right direction for drug pricing being abused by drug manufacturers.
What if I get a 60 or 90 day supply of insulin?
A one-month supply cannot be more than $35. Therefore, your total costs cannot be more than $35 for each month’s supply of each covered insulin. For example, if you get a 60-day supply of a Part D-covered insulin, you’ll generally pay no more than $70.
Many San Diego Medicare plans are charging less than $35. Aetna’s SmartSaver plan only charges $10 per one-month supply of insulin. Starting July 1, 2023 similar caps on costs will apply for insulin used in traditional insulin pumps.
Costs for Original Medicare have decreased in 2023
There was a large increase in monthly premium for Original Medicare between 2021 and 2022. This increase was in part due to the stresses of the Coronavirus Pandemic, but was unexpected nonetheless. It is great to see that trend reverse for 2023.
The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022
A Supplement Plan G will cover 100% of the Part A deductible. The Part B Deductible for Supplement Plan G has also decreased slightly in 2023.
The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.
Keaton Marks is the owner and CEO at HealthyMarks including the medicare team. Keaton was born and raised in Encinitas. He often rode his bike through town and to the local beaches like Moonlight. Keaton knows it is important to have a local resource, someone who understands the area, the hospitals and networks of doctors. Keaton is proud to be a local Medicare broker who is able to assist the people in his town when selecting medicare plans.
Keaton believes one thing above all else: “Medicare is confusing… but it doesn’t have to be! That is where HealthyMarks Medicare comes in” Please contact me with any questions.