At start of Medicare Open Enrollment, administration touts lower premiums, improved benefits
Medicare enrollees will also see lower costs for insulin and vaccines beginning in 2023, according to HHS.
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Medicare Open Enrollment began on October 15 and runs through December 7. The Biden Administration is claiming that people with Medicare will see lower average premiums for Medicare Part B, Medicare Advantage, and Medicare Part D prescription drug plans in 2023.
The White House attributed this in part to the Inflation Reduction Act, which President Biden signed into law in August.
Medicare enrollees will also see lower costs for insulin and vaccines beginning in 2023, according to the Department of Health and Human Services. Starting in 2023, all people with Medicare who take insulin covered by their prescription drug plan or through a traditional pump covered under Original Medicare will pay no more than $35 in cost-sharing for a month's supply of each covered insulin product.
People with Medicare also will not pay a deductible with respect to each covered insulin product. Those with Medicare drug coverage will pay nothing out-of-pocket for adult vaccines recommended by the Advisory Committee on Immunization Practices (ACIP), including the shingles vaccine and tetanus-diphtheria-whooping cough (T-DAP) vaccine.
WHAT'S THE IMPACT?
HHS offered a number of factors to consider when shopping for a Medicare Advantage plan, such as whether to consider Medicare Advantage or Original Medicare. The agency also recommended checking with healthcare providers to confirm they're in a plan's network.
The administration also advised checking to see if prescriptions are included on a Medicare prescription drug plan's formulary, and to review a plan's estimated total costs, including deductible and other out-of-pocket costs.
Since 2021, the Centers for Medicare and Medicaid Services has introduced a number of enhancements to Medicare.gov intended to optimize customer experience and create a more welcoming and user-friendly experience. Improvements include a redesigned Medicare.gov home page, the addition of pricing details to the Medigap policy comparison, streamlined landing and summary on the Medicare Plan Finder, and a redesigned "Talk to Someone" section to find additional help and contacts.
These enhancements are meant to improve the overall experience, making it easier to navigate and access information to compare and select health and drug coverage and find providers.
THE LARGER TREND
In Original Medicare, 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 is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022, CMS announced last month.
In Medicare Part C, seniors will also see lower premiums for Medicare Advantage plans in 2023. The projected average premium for 2023 Medicare Advantage plans is $18 per month, a decline of nearly 8% from the 2022 average premium of $19.52.
As previously announced, the average basic monthly premium for standard Part D drug coverage is projected to be $31.50, compared to $32.08 in 2022. Additionally, due to the Inflation Reduction Act, Medicare prescription drug coverage will include a $35 cost-sharing limit on a month's supply of covered insulin, as well as adult vaccines that are recommended by the Advisory Committee on Immunization Practices, at no additional cost.
CMS released Medicare Advantage and Part D Star Ratings for 2023 last week, and, in all, 57 contracts earned five stars, down significantly from 74 last year. There were 67 contracts that earned 4.5 stars (down from 96 last year); 136 that earned four stars (compared to 152); 116 that earned 3.5 stars (compared to 122); and 90 that earned three stars, up from 25 last year.
Some of the major parent companies earning five stars are Kaiser Foundation Health Plans and UnitedHealth Group. Five Kaiser plans earned five stars this year, while nine five-star plans belong to companies owned by UnitedHealth Group. Humana and Highmark also boasted numerous five-star plans.
Significantly, 37 plans earned 2.5 stars, compared to just two last year; at the same time, four plans earned two stars, compared to none last year. All four two-star plans are Wellcare by Centene Corporation.
One star represents poor performance, and five stars represents excellent performance.
Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com
