2023 Medicare Plans
Every year, there can be changes to Medicare plans. If you’re curious about what the 2023 Medicare plans will look like, stay tuned and keep reading.
The Medicare Annual Enrollment Period runs every year from October 15th through December 7th. That’s important to remember, as this period allows all Medicare beneficiaries to make changes to the current Medicare plan.
Insurance companies that offer Medicare Advantage and Prescription drug plans generally begin to announce the 2023 Medicare plan information on October 1st. But, we’ve got some early bird secrets that will help make shopping for 2023 plans much easier.
2023 Medicare Advantage Plans
Insurance companies offering 2023 Medicare Advantage plans are paid by the government for every member every month. This year, those carriers got an 8.5% increase to help go towards plan benefits, performance and help lower overall member cost.
Early indications show that the insurance companies are taking full advantage of that pay increase and the 2023 plans are looking strong.
Below are benefits you can expect to see in some 2023 Medicare Advantage Plans
- More plans including senior flex card
- Increased monthly benefit amounts on the Medicare flex card and in some cases up to $5,000 per year.
- More money towards dental, vision and hearing coverage for comprehensive care
- Larger Part B reimbursement amounts
- Flexibility in flex card spending
- Allowances toward rent, utilities, gas and pets and much more
Its important to remember that all not all plans include all benefits. Be sure to prioritize what’s important to you. Would you prefer to have your doctors all in network or money back in your social security check? Speak with a licensed agent by calling 866-633-4427 today.
Alternatively, you can click here to compare 2023 Medicare Advantage Plans.
2023 Medicare Supplement Plans
Medicare Supplement plans are not the same as Medicare Advantage plans. Unlike Medicare Advantage plans changes, we expect the 2023 Medigap plans to have a bit more subtle change.
Remember, Medicare Supplement plans are standardized by the government. That simply means that every carrier offering a particular plan, say, Plan F, must have the same exact coverage as every other carrier offering that same plan F.
We mention that because Medicare Advantage plans are not standardized. That means there are thousands of different plans available across the country. Sometimes, there are over 100 plan options in 1 county…confusing!
Below are some changes we are seeing in 2023 Medicare Supplement Plans:
- Lower Plan Premiums
- Enhanced multi-policy and household discount
- Insurance companies offering sub-standard health rates (Allows previously unsured potential insurable solution).
The most popular Medicare Supplement plans are Plan F, Plan G and Plan N. More recently, our agency has noticed an increase in enrollments for the High Deductible Plan G.
To compare 2023 Medicare Supplement Plans, click here. You also review the Medicare Supplement comparison chart here.
Speaking with an agent can be helpful to ensure you save the most money with your Medicare Supplement premium. Call 866-MEDIGAP (866-633-4427) today.
2023 Medicare Part D Plans
The 2023 Medicare Part D plans have something great to offer all beneficiaries…lower cost! The recent approval of the inflation reduction act will help reduce the cost of prescriptions for Medicare beneficiaries beginning in 2023 and for years to come.
New in 2023 is the insulin savings programs (Also known as the SMA). It caps certain insulins at a $35 copay. The coverage gap was also increased to help keep spending down for the beneficiary. By 2025, the drug cost will be capped at $2,000 in any given calendar year (awesome news for millions).
With that said and while drug cost are decreasing, we expect premiums to remain generally level and deductibles to increase to an average of $505, from $435.
You can compare 2023 Medicare Drug plans online without speaking with an agent, click here.
Or, if you prefer the help of an agent, call 866-633-4427 and an agent will collect your medication information, preferred pharmacy and provide a plan comparison for 2023 Medicare Part D plans.
2023 Medicare Plans Review
Reviewing your Medicare plan at least once every year is recommended. If you have a Medicare Supplement plan and want to keep it, but shop premiums, you do not need to wait until the Annual Enrollment Period.
On the other hand, if you have a Medicare Supplement plan and are considering changing to a Medicare Advantage plan, you will need to wait until October 15th (Annual Enrollment Period) to make that plan change.
For those that have a Medicare Advantage plan, you must wait until the Annual Enrollment Period to make a plan change (Whether that be to another Medicare Advantage plan or changing to a Medicare Supplement plan).
Speaking with a licensed Medicare agent can make it simple to review plans. Schedule your appointment or call now, 866-MEDIGAP (866-633-4427).