Prescription drugs play a crucial role in the health and well-being of millions of Medicare beneficiaries. Medicare Part D provides coverage for approximately 50 million beneficiaries, either through a standalone Part D plan or an Advantage Plan. Both of these options are offered by private insurance companies, with Advantage Plans to deliver Part A, Part B, and usually Part D coverage.
There are several changes to be aware of when evaluating your Medicare Part D options. Firstly, beneficiaries with higher incomes will pay more for their coverage. The average monthly premium for standard Part D coverage in 2023 is $31.50, compared to $32.08 in 2022. However, if your income is above certain limits, you may be subject to income-related monthly adjustment amounts (IRMAAs) in addition to your premium.
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Another important factor to consider is that your plan may change its list of covered drugs. Although you are not required to take any action during the open enrollment, plans often change their list of covered drugs and their prices from year to year. It’s important to check where your prescriptions fall in 2023 and which tiers they are assigned to, as various drugs may move from one tier to another.
On a positive note, there are some exciting changes to Part D coverage in 2023. For example, there will be no cost-sharing for recommended vaccines under Part D, including the shingles vaccine. Additionally, according to CNBC the Inflation Reduction Act will cap the monthly cost-sharing for insulin at $35 under Part D, and deductibles will no longer apply to the covered insulin product.
In conclusion, it’s important to review your Medicare Part D options carefully in 2023 to ensure you have the best coverage for your needs. With careful consideration and attention to the changes and details, you can make an informed decision that will help you stay healthy and financially secure.
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