It's no secret that prescription drug costs are rising. In fact, according to a recent study, they increased by an average of 6% last year. And, if you're on Medicare, you may be wondering how you can get the most from your Medicare Prescription Drug Coverage. Well, fortunately for you, there are things you can do to stay on top of your Medicare coverage, ensuring you make the most out of it …
Medicare: How Does Individual/Family Coverage Work?
If you are eligible for Medicare, you might be asking how to include your family in your coverage. Depending on your circumstances, there are a few various methods to go about doing this. What form of family health insurance is offered once you turn 65 and enroll in Medicare? Most Americans are used to having a single, comprehensive family health insurance plan, typically provided by their …
Inflation Reduction Act and Medicare: What You Need to Know
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 …
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 …
How to Prepare for the Annual Election Period
It seems to sneak up on us every year! When you’re busy getting out the fall decorations and watching football, don't forget it's also a very important time of year for those of you that are enrolled in Medicare - The Annual Election Period! (Note, we said “those of you that are ENROLLED into Medicare!” If you are not yet enrolled in Part A or Part B of Medicare… you get to skip everything here! …
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 …