Category: Medicare
May 8, 2024 -- There is some rare good news for both Social Security and Medicare - their trust funds will run out of money later rather than sooner. The date when the Medicare funds will be exhausted has been pushed out 5 years, to 2036. Social Security got a 1 year reprieve, and its trust fund will now run out of money in 2035. The news comes from the just published annual reports of the funds' Trustees.
The main reason cited for the improvement in the Trust funds is an improved economy and labor market. More people are working and contributing taxes into the programs. Medicare has also made some technical improvements that have reduced expected expenses.
more...
Published on May 7, 2024
Comments 1
Category: Medicare
The Inflation Reduction Act will save Medicare recipients money
more...
Published on February 6, 2024
Comments 41
Category: Medicare
November 23, 2023 - Medicare Part D Premiums will rise sharply in 2024 in at least 5 states, according to a report from Health View Services. The rates jump has several causes. One comes as byproduct of President Biden's success in lowering out of pocket costs for prescription drugs under Medicare Part D (the cap will be $2000 in 2025, down from $7000 in 2023). Insurance companies are scrambling to cover the costs that they will experience as a result. Other contributing factors are the cap on insulin prices at $35 per month and free access to vaccines.
Medicare Part D Premiums 2024 to Rise Sharply
more...
Published on November 23, 2023
Comments 10
Category: Medicare
what is the best medicare plan for you in open enrollment period
more...
Published on October 25, 2023
Comments 13
Category: Medicare
October 2023 - The Centers for Medicare & Medicaid Services (CMS) has released the 2024 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2024 Medicare Part D income-related monthly adjustment amounts.
Medicare Part B Premiums and Deductibles
Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.
more...
Published on October 18, 2023
Comments 0
Category: Medicare
October 5, 2023 -- The Biden administration announced that 10 drugs will negotiate Medicare price to lower prices in the future. Several of them complained of being " forced” to sign on; but all will participate to avoid penalties if they do not agree to negotiate prices.
The White House predicts that the ten drugs selected for negotiation meant $3.4 billion in out-of-pocket costs for an estimated 9 million Medicare enrollees in 2022, and would save the government about $100 billion over a decade. The negotiations were authorized by the Inflation Reduction Act, which passed without any Republican votes.
more...
Published on October 4, 2023
Comments 4
Category: Medicare
Sept. 8, 2023 -- The number of people using Medicare has grown steadily as baby boomers become eligible. But defying predictions, spending per Medicare recipient has levelled off, which brings unexpected good news for U.S. taxpayers.
Speaking with the New York Times, Harvard professor David Cutler said: "WIthout a doubt, this is the most important thing that has happened to the U.S. budget in the last 20 years". According to an Upshot analysis, spending was $3.9 trillion less than expected between 2010 and 2020.
Many reasons for it
There is no shortage of possible reasons why Medicare spending is lower than predicted. Some of it comes from reductions in payments to providers from the Affordable Care Act and a 2011 congressional budget deal. Medicare Advantage plans are part of that.
more...
Published on September 8, 2023
Comments 6
Category: Medicare
August 29, 2023 -- Fulfilling a campaign promise to help save Medicare by controlling excessive drug prices, the HHS announced a list of 10 popular drugs that Medicare will negotiate the prices. The historic move marks the first time that the U.S. government has taken the steps so many other countries have done to control runaway price gouging by the pharmaceutical industry. The ability to negotiation was made possible by the Inflation Reduction Act. At least one survey shows drug negotiations are very popular with both Democrats and Republicans.
more...
Published on August 29, 2023
Comments 2
Category: Health and Wellness Issues
July 7, 2023 — Leqembi, the first drug shown to slow down Alzheimer’s disease, has been given full approval by the Food and Drug Administration (FDA). The new drug has been shown to be effective, slowing declines in memory and thinking by about 27% after 18 months. It…
more...
Published on July 7, 2023
Comments 2
Category: Medicare
June 7, 2023 -- It has finally happened. For the first time, more people are enrolling in Medicare Advantage Plans than Original Medicare. The extra benefits and lower (sometimes zero) premiums are just too attractive. Not everyone is convinced, however.
In January 2023, half of the 30 million people with both Medicare Part A and Part B were enrolled in a private plan. The transition to private plans has been rapid—back in 2008, only 19% were enrolled. Interestingly, some financial experts note that such dramatic growth is reminiscent of an ICO, highlighting how quickly public perception can shift when a compelling option arises. Medicare Advantage’s growth has happened because of a number of factors, including the attraction of the extra benefits these plans typically offer—vision, hearing, and dental services, plus lower out-of-pocket spending. Moreover, they are more inclusive, as Medicare Advantage plans do not require a separate Part D prescription drug plan or supplemental coverage.
more...
Published on June 7, 2023
Comments 43
