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Medicare is going to start negotiating the prices of drugs that it pays for, which could lower costs for seniors and the government. The changes are part of a big bill that includes money for health care and clean energy. House Democrats passed the bill on August 16. So what does this all mean? If you want to learn more about how the Inflation Reduction Act will affect drug prices, then we've …
Medicare
How the Inflation Reduction Act Will Affect Medicare
After months of debate, the Inflation Reduction Act (IRA) was passed by the Senate and House and was signed into law by President Joe Biden. The IRA has several focuses, including healthcare costs and taxation, but the most impactful part for Medicare beneficiaries is the prescription drug price reform. The prescription drug price reform is expected to save Medicare beneficiaries billions of …
How Can a Medicare Advantage Plan Benefit You?
A Medicare Advantage Plan can offer several benefits, including lower out-of-pocket costs, more comprehensive coverage options, and more personalized care compared to Original Medicare only. If you are considering enrolling in a Medicare Advantage Plan, you must compare your options to find the right plan for you. Here are some of its best benefits: 1. Dental, Vision, and Hearing …
How the Inflation Reduction Act can Change Medicare for the Better
As of its passing, the Inflation Reduction Act will aim to reduce the cost of prescription drugs covered by Medicare, thereby saving money for the Medicare program and its beneficiaries and improving Medicare benefits. How? The bill will require the federal government to negotiate with drug manufacturers to get lower prices for high-cost drugs. Drug companies will also pay Medicare rebates if …
5 Important Questions to Ask about Medicare Advantage
Many people are not satisfied with only having coverage through Original Medicare (Part A and B); that's why they choose to enroll in Medicare Advantage. These plans are contracted with Medicare and are paid a fixed amount from the federal government to provide an alternative to Medicare benefits. However, not all Medicare Advantage plans are created the same. Even though they have a common …
Michigan Medicare News Flash – Trinity Health and Aetna
Trinity Health and Aetna are currently negotiating their contract with one another. The current contract expires at 11:59pm on December 31, 2021. What does this mean to you? If you have a Medicare Advantage plan with Aetna: If things are not resolved, you could find yourself with a situation where your doctors and hospitals are considered out-of-network and you could incur higher cost …
Medicare – “Open Season”
It's crazy season. We liken it to this visual..... We're located in Michigan so in our neck of the woods, right around October 1 each year, the squirrels just sort of become insane. They cram nuts into their mouths and bolt across the roads seemingly suicidal as we drive by. Anytime you look outside, it seems that there are a dozen in any given area scurrying around. THAT is exactly how …
Covid-19, Coronvirus & the Medicare Transition
Covid, Covid-19, Coronavirus, Social-Distancing, Quarantine, Pandemic….. Who would have known that as we turned the page in January to the land of 2020 that these words could possibly (1) be known to us and (2) part of our “new” daily world. Since March, we’ve added several new words to our everyday vocabulary. Stress, anxiety, furlough, early retirement, bored, depression, Cobra coverage, …
Michigan Auto Insurance Changes – Careful
We've been getting a lot of e-mails and phone calls lately regarding Michigan's new auto insurance options due to hit the marketplace on July 1, 2020. Here's a sample question from a Michigan driver trying to understand what the impact could be if he should change coverage levels come July 1. "I was reading about the upcoming change in auto insurance on Mi.gov site, after a local news …
Michigan Auto Reform Laws & Medicare
What's Happening in Michigan? We're starting to pay a lot more attention to and are getting a lot more questions relating to car insurance in Michigan. Specifically, how does it relate to Michigan's auto laws and upcoming changes. If you are not a resident of Michigan (where our agency is located; thus our "back yard" is pretty darn full of questions!), this really won't apply to you. Those …