During this Annual Enrollment Period, we will see some significant changes with the implementation of
the Inflation Reduction Act. These changes will lower the overall cost of insulin and, in the
future, provide lower prices for certain name-brand prescriptions minimizing the amount a
beneficiary will have to come up with out of their own pocket.
As we tell our beneficiaries every year, it is important to compare your plan for many
reasons. One is the overall price. This year we will also see an increase in the stand-alone drug
plan deductible, which goes along with the second reason to compare your plan; the medication
cost. Making sure your plan covers your medications at the lowest price available to you is what
we are here for! Overall, not much will change with Advantage plans, but the good news is that
we will see a small reduction in the Part B premium for 2023, going from $170.10 per month to
$164.90. In addition, the Medicare Advantage plans continue to expand their additional benefits,
such as dental, optical, and hearing. We see more services in these categories each year with
no copay to the beneficiary.
Along with these new and improved benefits, we will also see
stricter plan marketing and education rules. We will still see an increase in advertising during the
Annual Enrollment Period, but specific disclaimers will have to be added to such things as
mailings and television ads.
