Medicare Info for 2023

Medicare Open Enrollment for 2023

October 15th-December 7th

It’s time to make your annual selections for Medicare coverage!

What’s New in 2023 for Medicare?

There are some hopefully positive changes you will see to your Medicare coverage in 2023:

• For individuals making less than $97,000/yr (couples making less than $194,000/yr), both the Part B monthly premiums and the Part B deductible will decrease slightly. For those with higher incomes, the monthly premium will increase.

• There is a Low-Income Subsidy program to help with Part D (prescription) premiums and deductibles.

• All covered vaccines will now be free, with no cost-sharing. Yes, this includes the shingles vaccine!

• All covered insulins are available for no more than $35/month, and the Part D deductible won’t apply to insulin.

Alphabet Soup: what do all the letters mean, anyway?

For those who are confused about what each part of Medicare covers, here’s a handy cheat sheet:

Part A- hospital coverage for inpatient care, skilled nursing facilities, hospice and home health.

Part B- Outpatient medical care from doctors and other providers, preventive services, and medical equipment such as walkers or wheelchairs.

Part C- Medicare Advantage plans - these are run by commercial insurers, and cover both Part A and Part B expenses. Some also cover Part D (prescription drug) expenses, and many also include coverage for items not covered by original Medicare, such as the Silver Sneakers gym membership program or dental coverage.

Part D- Prescription medication coverage. This also includes coverage for vaccinations that are not covered by Part B.

Medicare Supplement Plans- these will cover certain costs that are not covered by Part A and Part B, such as deductibles, copayments and other out of pocket costs.

Choosing your coverage is an important decision and it can be extremely complicated. The plan that is best for your neighbor or even your spouse may not be the best for you, depending on the cost of your prescriptions, your general health, etc.

Links to Medicare Resources:

Explore your Medicare coverage options (original medicare vs medicare advantage)

Colorado Medicare Health/Drug Insurance Coverage Options - state-specific Medicare and prescription coverage information

https://www.medicare.gov/plan-compare - enter your current drugs and pharmacies and compare plan costs

Medicare & You - federal handbook, published annually

Talk to Someone | Contact Medicare - You can talk or live chat with a real person at Medicare, 24 hours a day, 7 days a week (except some federal holidays.)

Area Agency on Aging | DRCOG Denver Area Agency on Aging - Counselors available to help you fully understand available benefits. 303-480-6700

Medicare Advantage Plans in Colorado - Help with Medicare Advantage Plan options in Colorado

https://www.senioranswers.org/ - Non-profit organization that offers free counseling on Medicare and Medicaid issues to all Colorado seniors. 303-333-3482

Medicare and Medicaid - Your Guide to Understanding the Programs - AARP Medicare Resource Center

Medicare Insurance Help - Private company that gives medicare insurance help, at no cost to you. Mary Jo Heins has been highly recommended by several of my patients. 720-484-6946