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Medicare copay11/6/2023 And ancient wisdom suggests that what is left ’til last is often left undone. But past client experience shows that those who wait until the end usually run into some issue. If a new plan will work better or save money, enroll in it by the end of November.Determine the impact on your costs and coverage. Do You Need a Co-Payment Protection Plan 95 Life & LTC Around half of the Medicare population is enrolled in Medicare Advantage plans (aka, Part C plans).Focus on Section 1, Changes to Benefits and Costs for Next Year, especially the prescription drug cost changes in Section 1.3.Open and study the Annual Notice of Changes.You need to pay attention during the Open Enrollment Period (OEP) that starts October 15. ![]() That adds up to $4.65 billion in costs that drug plans, not the plan members, will pay, and one big question: What impact will that have on the 96% of enrollees who don’t reach stage 4? Time will tell.Įvery fall, I share the same guidance but given all the upcoming changes to Part D drug costs and coverage, it’s more important than ever. That’s over $14,000 for the two examples above.Ī recent ASPE Office of Health Policy research report noted that 1.5 million drug plan enrollees (4% of those not receiving extra help) who reach Catastrophic Coverage will save about $3,100 in out-of-pocket costs. ![]() As the retail cost of a drug increases so does the 5% coinsurance a drug plan member must pay.Īccording to Kaiser Family Foundation, Part D drug plans will cover the 5% coinsurance next year. Come January, that will be gone with an annual savings of $2,400.Īnd these savings will likely increase over time.
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