Medicare Part B enrollees won't be expecting a lower monthly premium this 2022. The standard monthly premium of $170.10 is still enforced but will be lower by 2023.
Medicare Part B is available for seniors ages 65 years and above and must be permanent U.S residents or citizens living in the U.S for a minimum of five consecutive years. The coverage includes doctor's visits, outpatient services, and diagnostic tests. With the recent $21.60 premium increase, secretary Xavier Becerra of the U.S Health and Human Services prompted CMS (Centers for Medicare and Medicaid Services) to reassess this current change.
One of the reasons for the premium increase is the cost of Aduhelm, an Alzheimer's drug that was recently approved by the FDA and set to be priced at $56K per year which has been highly debated. After much discussion with Biogen, the original cost was reduced to half, estimated at $28,200 per annum as of January 1, 2022. However, the coverage for Aduhelm will be limited to enrollees whose clinical trials are approved.
While waiting for CMS to announce the 2023 Part B premium this October 2022, it is decided that it would reflect all of the savings onto those beneficiaries who are eligible for Aduhelm.
So, what does this mean for Medicare Part B enrollees? The Part B premium for next year may be lower, however, you can look forward to a potential premium cut in 2023, not 2022.
If you're looking for more comprehensive coverage than what Medicare Part B offers, you may consider replacing Original Medicare with a Medicare Advantage plan. Private insurance companies offer Medicare Advantage plans and typically include prescription drug coverage and other benefits like dental, vision, and hearing.
Opting for a Medicare Advantage plan to your existing Medicare Part B coverage can help you save money on your overall healthcare costs. And, if you enroll in a Medicare Advantage plan that includes prescription drug coverage, you'll be able to get your medications at a lower price than if you were to buy them separately.
Wading through the Medicare alphabet soup can get overwhelming, and that's why various Medicare advisors like Hella Health are here to help you understand your options and make the best choices for your unique needs and budget. Integrating technology to support this new generation of savvy consumers, such digital platforms offer access to clear and concise information so that you can make the best decision for your health.
You can look for other helpful information from websites like Medicare to guide you through the process. And when you've done your research, you can work with a Medicare advisor to help you understand your options and find the best plan.
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