This too is interesting. I copied the contents of an email from the Minnesota Senior Linkage, though this email is not on their site
https://mn.gov/board-on-aging/
September 2022
Minnesota
Medicare Update
Medicare can be complicated.
The Senior LinkAge Line can help.
This month's email contains a summary of upcoming changes to Medicare by year, the first of which will take effect January 1, 2023. These changes are part of the Inflation Reduction Act of 2022, which was signed into law in August. Perhaps most notably, this new law will allow Medicare to negotiate for prescription drug prices for the first time.
January 2023
• Reduced cost of insulin to $35/month; deductibles do not apply. An estimated 3.3 million Medicare beneficiaries use some forms of insulin.
• Additional Part D coverage for vaccines, including the shingles vaccine, with no beneficiary cost sharing.
• Drug manufacturers will have to send rebates to Medicare, if their prices for prescription drugs covered by Medicare go up faster than the rate of inflation. It penalizes drug companies that increase prices for Medicare-covered prescription drugs in excess of the rate of inflation. According to the Kaiser Family Foundation, from 2019 to 2020, the prices of half of all drugs covered by Medicare increased above the rate of inflation during that period.
Beginning January 2024
• National Prescription Drug Base Premium will not increase more than 6% from previous year.
• People with incomes up to 150% of the federal poverty guideline will be eligible for the full Low-Income Subsidy (LIS), also known as Extra Help. Extra Help helps to pay for Medicare Part D costs for those that are eligible. Those with partial LIS will be transitioned to the full subsidy in 2024.
• Beneficiaries won’t pay anything out-of-pocket in the catastrophic phase of Medicare Part D coverage. Previously, beneficiaries paid a 5% coinsurance during this phase, with a minimum of $3.95 for generic drugs or $9.85 for brand-name drugs in 2022.
Beginning January 2025
• Out-of-pocket spending for Medicare Part D prescription drugs will be capped at $2,000 annually. That cap will increase in subsequent years based on Medicare’s annual spending for covered drugs. Once a Medicare beneficiary’s annual out-of-pocket expenses for covered drugs reach $2,000, co-insurance costs will be eliminated, as Medicare Part D will pay 20% of the cost of brand-name drugs and 40% of generics. Insurers and drug manufacturers must cover remaining costs.
Beginning January 2026
• Medicare will begin to negotiate prices for qualifying prescription drugs, on which it has spent the most money. This provision applies only to prescription drugs that have been on the market for several years without competition.
• Medicare prescription drug plans must include drugs for which Medicare negotiates prices on their formularies. This includes Medicare Advantage Plans.
Medicare.gov Plan Finder
The Centers for Medicare & Medicaid Services (CMS) has made major changes to its Medicare Plan Finder tool, making it easier to use. It features:
• a redesigned network pharmacy finder page
• the ability to target searches for preferred network pharmacies
• greater ease of finding drug costs
• resolution of pricing discrepancies for those with Extra Help
• the ability to save plans as a PDF
• the option to reduce print size below 75% scale to reduce the number of pages
• greater ease for people with accounts to locate their enrollment confirmation number in the message center
• enhanced ability for users to compare current plan details with other plan options
Minnesota Medicare question of the month
Q. What is MOOP?
A. If you are enrolled in a Medicare Advantage Plan, there is an annual maximum out-of-pocket coverage (MOOP) that applies. MOOP is the annual amount a person on Medicare has to pay for Medicare services in a year. After reaching the MOOP, the beneficiary will not owe any more cost-sharing for Part A or Part B-covered services for the rest of the year. The MOOP in 2022 is $7,550. MOOP costs include Medicare Part A and Part B cost sharing amounts, such as deductibles, copayments and coinsurance that you receive for in-network services. Medicare Part D costs are not included in the MOOP.
Coming soon - Medicare Open Enrollment
In just a few weeks, Medicare Open Enrollment will begin. It happens every year between October 15 and December 7, and it is the time you can make changes to your Medicare coverage.
During this time, it really is important to review your current coverage and compare it with other plans to ensure you have the coverage that is best for you. It can make the difference between living within your budget and having to face large out-of-pocket expenses.
For help with any Medicare issues,
call the Senior LinkAge Line at 800-333-2433.
The Senior LinkAge Line® is the federally designated
State Health Insurance Assistance Program (SHIP) for Minnesota. If you have Questions about Medicare, call the Senior LinkAge Line at 800-333-2433
from 8:00 a.m. to 4:30 p.m. Monday - Friday.
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