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.
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Published on October 18, 2023
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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.
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Published on October 4, 2023
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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.
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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.
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Published on August 29, 2023
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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…
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Published on July 7, 2023
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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.
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Published on June 7, 2023
Comments 36
Category: Medicare
February 7, 2023 -- The debt ceiling is one of the big issues in the new Congress. How it plays out should be interesting, with Republicans narrowly controlling the House and the Democrats with a slight edge in the Senate. Some lawmakers think that Social Security and Medicare funding could become part of the debt ceiling solution, while others have a firm “hands off” posture. Both of these programs are crucially important to Topretirements Members, regardless of their politics, so here is a rundown on what we know about where things stand (most of which have to do with Social Security).
Social Security has somehow become part of the discussion on the debt ceiling, even though the program has no effect on the national debt (the opposite applies to Medicare). The larger issue for these two programs, which does not relate to the budget ceiling, is how to fix them long term. Social Security's Trust funds will run out in 2034 or thereabouts, and when that happens, only about 70% of promised benefits would be available to be paid to beneficiaries. Meanwhile, Medicare costs continue to rise.
Republican positions vary
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Published on February 6, 2023
Comments 36
Category: Medicare
By Tom Cretella - CLU at Cretella and Belowsky
January 9, 2023 -- Medicare's Open Enrollment Period began January 1. Medicare has plenty of acronyms: AEP, SEP, IEP - but the least used is the OEP or Open Enrollment Period. The OEP is a completely separate enrollment period running each year from January 1 to March 31. It only applies to people who already have a Medical Advantage plan or or other type of Prescription Drug plan.
The Medicare Annual Enrollment Period (AEP) just ended December 7 for 2023 enrollments. Although most people have renewed current coverage with the same carrier as 2022, the OEP offers a second chance to enroll or disenroll. It comes in handy because we have all endured the blitz of Medicare advertisements in the mail and in all media (BTW, congratulations you survived!) This always brings a challenge because the advertising is aimed at creating doubt, questioning your current coverage, or making you wonder if you should consider a change. Most of the questions I get are from clients or friends who wonder if they are missing something in their current coverage, after being hammered by advertisement during the AEP.
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Published on January 8, 2023
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Category: Medicare
October 17, 2022 – Medicare’s Open Enrollment Period just started on the 15th, and runs through Dec. 7. In case you forgot to enroll in Medicare when you first became eligible, now is when you can sign up for it, and either avoid a penalty, or minimize it, if you…
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Published on October 17, 2022
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Category: Medicare
October 13, 2022 — It has been four decades since the Social Security COLA (Cost of Living Adjustment) was this high. The government announced the increase today, which came in as widely expected at 8.7%. The rate was calculated on a formula based on current rates of inflation. For a…
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Published on October 10, 2022
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