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Newsletter

Special Announcement - Medicare - October

SPECIAL ANNOUNCEMENT

Medicare Part A and B Premium Adjustments; Part A and B Deductibles and Co- Pays; and Part B And D IRMAA Tables For 2023
After the monthly Medicare newsletter was finished and scheduled for delivery at 8:00 AM this morning, the Centers for Medicare & Medicaid Services (CMS) announced CHANGES in Medicare Part A and B premiums, Part A and B deductibles and co-pays, and Part B and D IRMAA applicable for 2023. This special newsletter outlines thoses changes, and our website at www.getinsuranceanywhere.com will be updated by the end of this week or early next week to contain these changes.
 
Part A (Hospital) Premiums, Deductibles, and Co Payments For 2023

Medicare Part A covers inpatient hospital, skilled nursing facility, hospice, inpatient rehabilitation, and some home health care services. About 99 percent of Medicare beneficiaries do not have a Part A premium since they have at least 40 quarters of Medicare-covered employment.
 
Enrollees age 65 and over who have fewer than 40 quarters of coverage and certain persons with disabilities pay a monthly premium to voluntarily enroll in Medicare Part A. Individuals who had at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $278 in 2023, a $4 increase from 2022. Certain uninsured aged individuals who have less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement will pay the full premium, which will be $506 a month in 2023, a $7 increase from 2022. 
 
The following table shows what the new Part A deductibles, coinsurance and copayments will be for 2023.
Part B (Providers) Premium and Deductible For 2023

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. 

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries will be $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022. Part B coinsurance remains at 20%, where applicable. Certain services, e.g., preventive care, are provided with 0% coinsurance.
 
Effect Of These Changes On Medicare Advantage Plan Plan Members

Marketing for 2023 Medicare Advantage, Medicare Advantage Prescription Drug, and Part D plans began last Saturday, October 1, and annual enrollment begins October 15 and ends December 7 for a January 1 effective date.
 
Most 2023 plans were posted on the www.medicare.gov website as of October 1 but a few carriers have announced later posting dates for their 2023 plans.
 
Members of Medicare Advantage and Medicare Advantage Prescription Drug Plans must pay the new Part A (if applicable) and Part B premiums to continue their enrollment (or become enrolled) in these plans for next year.
 
However, members of such plans will NOT be affected by any changes in Medicare Part A Deductibles or Co-Pays OR Part B Deductibles. Medicare Advantage Plans are negotiated between CMS on a calendar year basis, and Part A and B deductible and co-pay changes will have NO EFFECT on how Medicare Advantage or Medicare Advantage Prescription Drug benefits will be calculated in 2023. The contracted rates negotiated between the carriers and CMS will apply and will NOT be changed because of any Part A or B deductible or co pay changes. 
 
A few Part B premium giveback plans have been announced that provide givebacks larger than the new $164.90 standard Medicare Part B premium. However, no premium credit on a Part B premium giveback plan can exceed the Part B premium a Medicare beneficiary pays. Therefore, no person paying the standard Part B premium can receive more than that amount in premium credits against Part B. However, a person receiving Part B IRMAA can receive the full giveback credit if his or her IRMAA premium equals or exceeds the amount of the giveback provided by the specific plan. The decrease in Part B premiums is due because contingency reserves for a new Alzheimer’s drug called Adulheim were lower than projected in 2022.
 
Beginning in 2023, certain Medicare enrollees who are 36 months post-kidney transplant, and therefore are no longer eligible for full Medicare coverage, can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2023, the immunosuppressive drug premium is $97.10.

Social Security COLA Increases Have NOT Been Announced

Social Security COLA increases for 2023 have not yet been announced but estimates for increases range from 8% to slightly over 10%. These increases will probably be announced in November and could possibly be announced before the midterm elections. The decrease in Part B premiums for 2023 will mean that 2023 Part B premium increases (since there are none) will not be deducted from Social Security and the full amount of the increase in Social Security benefits will be payable to beneficiaries.
 
Medical Savings Plans (MSPs) And Eligibility For Dual Special Needs Plans

To help with their Medicare costs, low-income seniors and adults with disabilities may qualify to receive financial assistance from the Medicare Savings Programs (MSPs). The MSPs help millions of Americans access high-quality health care at a reduced cost, yet only about half of eligible people are enrolled. The MSPs help pay Medicare premiums and may also pay Medicare deductibles, coinsurance, and copayments for those who meet the conditions of eligibility. Enrolling in an MSP offers relief from these Medicare costs, allowing people to spend that money on other vital needs, including food, housing, or transportation. People with Medicare interested in learning more can visit:

There is a major emphasis by carriers to enroll in what are called Dual Eligible Special Needs Medicare-Medicaid plans, benefits for these types of plans have been significantly improved by many carriers, and these types of Medicare Advantage plans will be an attractive for most dual eligible (Medicare and Medicaid) individuals.

Please contact us at 561-734-3884 (TTY: 711) for more information and accelerated help for enrolling in Medicaid and, then, if enrolled, for help in enrolling in a Dual Eligible Special Needs plan.
 
Part B IRMAA For 2023

About 7% of all individuals on Medicare are required to pay what is called a Part B Income Related Monthly Adjustment Amount, depending on their income from the second previous year and their tax filing status. IRMAA for 2023 will be paid based on modified adjusted gross income based on their 2021 tax return or, if no return has been filed for that year, the most recent year such return has been filed. The following tables show the premiums these individuals will pay for Part B (instead of the standard premium, discussed earlier.)

Here is the 2023 Part B IRMAA table for high-income individuals who file singly or high-income married couples with full Part B coverage who file jointly.

Here is the 2023 Part B IRMAA table for high-income beneficiaries with full Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return.

Part D IRMAA For 2023

About 8% of all individuals on Medicare are required to pay what is called a Part D Income Related Monthly Adjustment Amount, depending on their income from the second previous year and their tax filing status. This amount is payable in addition to the premium for their Part D plan. Part D IRMAA for 2023 will be paid based on modified adjusted gross income based on their 2021 tax return or, if no return has been filed for that year, the most recent year such return has been filed. 

Here is the 2023 Part D IRMAA table for high-income individuals who file singly or high-income married couples with Part D coverage who file jointly.

High-income beneficiaries who are married and lived with their spouse at any time during the taxable year but file a separate return will pay these amounts in addition to the premium for the Part D plan they select.

New Part B Benefit And Premium For Beneficiaries With Kidney Transplants Beginning In 2023

Beginning in 2023, certain Medicare enrollees who are 36 months post-kidney transplant, and therefore are no longer eligible for full Medicare coverage, can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2023, the immunosuppressive drug premium is $97.10.

This table shows the total 2023 IRMAA Part B premium for high-income beneficiaries with immunosuppressive drug only Part B coverage.

Please read the CMS fact sheet published on September 27 that explains all these changes.

Update To Get Insurance Anywhere Website

We will be updating our website at www.getinsuranceanywhere.com to reflect all the changes. These changes should appear on the website by the end of this week or early next week.

Required disclaimer for Part C and D Plans: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY: 1-877-486-2048) ­to get more information about all your options.
Paul Cholak
Get Insurance Anywhere
877-734-3884 (Toll Free)
561-734-3884 (Local)

2023 Schedule
Affordable Care Act Open Enrollment

Affordable Care Act open enrollment began November 1, 2022 and ends January 15, 2023 on the Federal Facilitated Marketplace (https://www.healthcare.gov).
You do NOT need a Qualifying Life Event if you buy a 2023 plan during Open Enrollment.

Call us at 561-734-3884 or 877-734-3884 to determine
what kind of plan you may be eligible for.


2023 Schedule
Medicare Annual Enrollment Period

The Medicare Annual Enrollment Period runs from October 15 through December 7, 2022 for a January 1, 2023 effective date.

Otherwise, you’re eligible to enroll if you’re first becoming eligible for Medicare or are eligible for another type of enrollment period. Enrollment rules differ between Medicare Supplement plans and Medicare Advantage, Medicare Advantage Prescription Drug, and stand-alone Prescription Drug Plans.

Call us at 561-734-3884 (TTY: 711) or 877-734-3884 (TTY: 711) for details.

family consulting

We offer a comprehensive set of Affordable Care Act (“Obamacare”) plans

to individuals and families qualified to buy health (tax- and non-tax subsidized) insurance and dental/vision and/or hearing plans through the Federal marketplace (this is called buying “on-exchange” or “on-marketplace”) or directly from insurance carriers (this is referred to as buying “off-exchange or -marketplace”). Our Affordable Care Act policies comply with the Affordable Care Act and contain all of the “essential health benefits” required by that law.

The dental/vision and/or hearing insurance

products are available both on an insured or discount basis

We offer short-term health insurance policies

for those who are looking for more inexpensive coverage and shorter term alternatives.

We offer Medicare Supplement, Medicare Advantage, and Part D Drug plans

to Medicare beneficiaries. Our site is compliant with federal, state, and carrier guidelines in selling these policies. See the Medicare section of this site for details.

We represent many carriers that offer supplemental benefits

to both individuals and families and Medicare beneficiaries, and the site contains information about hospital indemnity, cancer, critical illness, gap, accident, and international medical insurance offered by many different carriers. This section of the site also contains valuable information and tools about lowering the cost of prescription medications. Call us if you want more information about or would like to enroll in one of these products.

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and can also help you meet the costs of long-term care, nursing home, or short-term (recovery) care needs.

Finally, we have a complete array of Life, Final Expense, and Annuity products

and offer pre-need services in Florida, as we have both life insurance and pre-need licenses in that state.

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we’re paid directly from the carriers we represent, Premiums are NEVER EVER marked up to include paying us for our services: you pay the same whether you order directly from the carrier or the marketplace on your own or directly through us or from our site.

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