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
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…
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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 - in 2008 only 19% were enrolled. Medicare Advantage's growth has happened because of a number of factors, including the attraction of the extra benefits they typically offer: vision, hearing, and dental services, and lower out-of-pocket spending. Medicare Advantage plans are more inclusive, as they do not need a separate Part D prescription drug plan or supplemental coverage.
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Published on June 7, 2023
Comments 23
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
Comments 3
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
Comments 8
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
Comments 15
Category: Medicare
October 5, 2022 -- The Open Enrollment Period for Medicare starts soon, October 15, and runs through December 7. During this time you can join, switch, or drop a plan. Your coverage will begin on January 1 (as long as the plan gets your request by December 7). The Medicare Advantage Open Enrollment period runs from January 1 – March 31 each year. That's when if you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare.
By now you should have received materials from your supplemental medical insurance company announcing changes for 2023. So this is the time to start thinking about what to do. If you are eligible for Medicare but not enrolled, do so now to avoid penalties and/or no coverage. Or, get ready to sign up for a Medicare Advantage plan. Next week we will provide our helpful article on Medicare vs. Medicare Advantage plans, which always sparks a helpful debate among our Members.
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Published on October 4, 2022
Comments 3
Category: Health and Wellness Issues
September 10, 2022 – There is good news coming for the estimated 1.5 million Medicare recipients who have been affected by the notorious prescription drug donut hole. The relief will arrive in 2025, thanks to the Inflation Reduction Act signed by President Biden. Then the new law will put a…
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Published on September 9, 2022
Comments 10
Category: Medicare
July 13, 2022 -- Medicare is a very popular and powerful benefit. Many people look forward to being eligible for it, especially those who are no longer covered by their company but are not yet 65 years of age. It is such an important benefit that you do not want to make any mistakes in signing up for it. We hope this article will be useful, both for people who have not yet signed up for Medicare, as well as those who are already in the program. It is part of our series on Medicare and health care insurance. See the bottom of this page for links to more articles on the topic, which includes a link to our Interactive Quiz: What Is Your Medicare IQ.
Here is the basic background about Medicare:
What is Medicare, and who is eligible?Medicare is health insurance for people 65 years or older, under age 65 with certain disabilities, and any age with end-stage renal disease (ESRD) or Lou Gehrig's disease. Medicare has four parts -- Part A, which is hospital insurance, Part B, which is medical insurance, Part C, which is Medicare Advantage Plans, and Part D, which is Prescription Drug Coverage. You are eligible for premium-free Part A if you are age 65 or older and you or your spouse worked and paid Medicare taxes for at least 10 years. Medicare is different from Medicaid, which is a joint Federal and State program that helps pay medical costs for some people, irrespective of age, with limited incomes and resources.
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Published on July 11, 2022
Comments 23
