Q: I recently switched from my employer group plan to a Medicare plan with prescription coverage. I received a letter from the insurance company notifying me that I owed a part D penalty. Why do I get the penalty, and what should I do? A: If you receive a letter indicating that you have a…
The standard Part B premium in 2023 will be $164.90/mo. This is lower compared to its 2022 premium, which was $170.10. In the meantime, the annual deductible for Medicare Part B is $226 /year. This is important to know if you have a Medicare supplement plan G or N because you must meet the part…
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which includes a broad package of health, tax, and climate change provisions. The law includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government. These provisions will take effect beginning…
CMS has released the 2019 Medicare Advantage and Part D Call Letter which provides the Part D benefit parameters and policy changes to the Prescription Drug Benefit Program. The table below compares the standard benefit for a Part D plan for 2019 to the amounts for 2018. There were also many updates to other aspects…
If you have Medicare and high prescription drug costs, the last budget deal passed by Congress last February 9th will give you some relief. Under the deal, the Medicare “doughnut hole” will close in 2019 instead of 2020, a year earlier than the scheduled time. Beginning 2019, Part D enrollees will pay 25 percent of the cost…
Medicare recently announced the Medicare Part D standard defined benefit and retiree drug subsidy for 2017. By 2020, you’ll pay no more than 25% for covered brand-name and generic drugs during the coverage gap—the same percentage you pay from the time you meet the deductible (if your plan has one) until you reach the out-of-pocket…