We are now in Medicare open enrollment season. The 2023 season began last Saturday and runs through Dec. 7. During the annual open enrollment period, beneficiaries can review and change their Medicare coverage options, ranging from Medicare Advantage and prescription drug plans to Original Medicare.
The Centers for Medicare & Medicaid Services has projected the average monthly premium for Medicare Advantage plans will fall by $1.52 in 2023 to $18, while the average monthly premium for a basic Medicare Part D prescription drug plan will fall by 58 cents to $31.50. Among other changes this year, the Inflation Reduction Act will limit monthly cost sharing for insulin products to $35 and reduce costs for adult vaccines.
As you no doubt have seen, in addition to political ads all over the airwaves, there are also ads regarding the Medicare open season. Just remember that those ads are sponsored by insurance companies and that if you call one of the phone numbers that they advertise, you will talk to an insurance agent whose job, in addition to giving you basic Medicare Advantage information, is to try and sell you on their policy.
On the other hand, if you want basic information without an insurance agent trying to sell you their policy, you can get free health insurance counseling through your state’s State Health Insurance Assistance Program (SHIP) which helps people with Medicare and their families do the following:
- Choose a plan
- Review coverage
- Understand costs
- File a complaint or an appeal
- Make informed Medicare decisions
You can also contact your state to:
- Find Medicare Savings Programs that can lower your Medicare costs
- Get information about how to apply for Medicaid
- Check if you are eligible for other state programs that can help with health-related costs
Click here for more information about these programs:
Explore Your Medicare Coverage Options here to see more information about Medicare and the annual enrollment season in general: