Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2025. These are the key changes to Medicare’s premiums and coverages.
• Part A deductible – Will be $1676 up from $1632 (per 60 day Benefit Stay)
• Part B Deductible – Will be $257 up from $240 (Annual deductible)
• Part B Premium – Will be $185.00 up from $174.70 (for most people)
• Part D Maximum Deductible – Will be $590 up from $545 (Some plans don’t have a deductible and most have a “hybrid” deductible.)
• Part D Premium National Average – Will be $36.78 up from $34.70 (Is used to determine Part D Penalty)
The big change for 2025 is the new $2000 cap on drug costs. This does not include the cost of the plan. 2025 will have fewer Part D drug plans in most markets and with higher premiums as a result of the new exposure the cap will bring to insurance companies. This is why it is more important to check drug costs in Medicare’s comparison tool.
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare, LLC specializes in helping seniors transition to Medicare. He can be reached at email: dwhiggs@gmail.com or go to website: www.ChoicesInMedicare.com
We do not offer every plan available in your area. Currently we represent Anthem, Aetna, Humana, UnitedHealthcare, Wellcare and SilverScript organizations which offer 67 Plans in your area (Richmond Metro 2025). Please contact Medicare.gov or 1-800-MEDICARE , or your local State Health Insurance Program (SHIP) to get information on all of your options.
Tag Archives: Medicare plan changes
What is up With the Medicare Supplement Increases?
A lot of people with Medicare Supplement (aka Medigap) policies are getting renewal notices with large rate increases. Many are wondering why this is happening.
Supplements tend to have annual rate increases. In general, they are modest increases that take into consideration the increased risk to the carrier. That is primarily comprised of increasing medical inflation and increased risk due to a beneficiary’s higher age. This year has been different with significantly larger than normal rate increases. I recently attended a webinar on this topic to better understand what is happening to the industry. In short, we can blame it on Covid. During Covid, many of us avoided going to the doctor primarily to avoid contact with people in a frantic environment of fear. We even delayed getting medical treatment we knew we needed, to avoid the risk of contact. Then, after the height of Covid, we started going back to the doctor. This “pent up demand” increased medical utilization, resulting in costs that were much higher than normal. As a result, insurers needed to increase rates much more than normal this year.
The worst part is there isn’t much you can do about it. As most carriers are having to implement these increases, it is difficult to improve on your rate situation. Over the last few years, I have been placing my Supplement clients with insurers who have a history of stable rate increases. This alleviates the need to “shop around”. Even if there is an insurer who has a better rate (even if temporary), it is difficult to make the switch unless one is very healthy and can pass medical underwriting (in most states). The other choice is to switch to a completely different type of coverage called Medicare Advantage (aka Part C). This can normally only be done during Medicare’s annual enrollment period in the Fall.
Feel free to contact me if you have questions or need assistance with your choices in Medicare. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare, LLC specializes in helping seniors transition to Medicare. He can be reached at email: dwhiggs@gmail.com or go to website: www.ChoicesInMedicare.com
We do not offer every plan available in your area. Currently we represent Anthem, Aetna, Humana, UnitedHealthcare, Wellcare and SilverScript organizations which offer 67 Plans in your area (Richmond Metro 2024). Please contact Medicare.gov or 1-800-MEDICARE , or your local State Health Insurance Program (SHIP) to get information on all of your options.
New 2024 Medicare Costs at a Glance
Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2024. These are the key changes to Medicare’s premiums and coverages.
• Part A deductible – Will be $1632 up from $1600 (per 60 day Benefit Stay)
• Part B Deductible – Will be $240 up from $226 (Annual deductible)
• Part B Premium – Will be $174.70 up from $164.90 (for most people)
• Part D Maximum Deductible – Will be $545 up from $505 (Some plans don’t have a deductible and most have a “hybrid” deductible.)
• Part D Premium National Average – Will be $34.70 up from $31.50 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va. area, David Higgs of Choices In Medicare, LLC specializes in helping seniors transition to Medicare. He can be reached at email: dwhiggs@gmail.com or go to website: www.ChoicesInMedicare.com
New 2023 Medicare Costs at a Glance
Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2023. These are the key changes to Medicare’s premiums and coverages.
- Part A deductible – Will be $1600 up from $1556 (per 60 day Benefit Stay)
- Part B Deductible – Will be $226, down from $233 (Annual deductible)
- Part B Premium – Will be $164.90, down from $170.10
- Part D Maximum Deductible – Will be $505, up from $480 (Some plans don’t have a deductible and most have a “hybrid” deductible.)
- Part D Premium National Average – Will be $31.50, down from $33.37 (Is used to determine Part D Penalty)
As previously blogged, the Part B premium and deductible decreased this year
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: dwhiggs@gmail.com or go to website: www.ChoicesInMedicare.com
MEDICARE REDUCES COST OF PART B PREMIUM AND DEDUCTIBLE FOR 2023
As predicted a few months back, Medicare has just announced there will be a rare reduction in the Part B premium cost and the Part B deductible effective Jan 1st, 2023. The Part B premium will reduce from current $170.10 to $164.90 and the deductible from current $233/year to $226/year! While both of these factors tend to increase over time, some years they remain flat and are now seeing a reduction. As previously noted, one of the big reasons for the reduction is lower than expected Alzheimer drug costs to Medicare.
In addition, there is expected to be a larger than normal Social Security Cola increase. The combination of these factors will lead to larger than normal net increases in monthly income for most seniors.
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, VA area, David Higgs of Choices In Medicare, LLC specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
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 to get information on all of your options.
New 2021 Medicare Costs at a Glance
Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2021. These are the key changes to Medicare’s premiums and coverages.
- Part A deductible – Will be $1484 up from $1408 (per 60 day Benefit Stay)
- Part B Deductible – Will be $203 up from $198 (Annual deductible)
- Part B Premium – Will be $148.50 up from $144.60
- Part D Maximum Deductible – Will be $445 up from $435 (Some plans don’t have a deductible and most have a “hybrid” deductible.)
- Part D Premium National Average – Will be $33.06 up from $32.74 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
Medicare and Telehealth During Covid-19
Telehealth has been around for a while but has recently become very popular due to Coronavirus concerns. If you are not familiar with Telehealth, it is basically a doctor visit by video. People can “visit” with their doctor virtually. The key benefit during this period is to avoid coronavirus contact for both patient and medical staff.
One big difference is most health insurance plans, including Medicare, will now cover Telehealth services. Most doctors’ offices are also now able to offer Telehealth. If interested, people should check with their health plan and doctor’s office to confirm participation.
If want to learn more, a link to an interesting article follows: https://www.pressofatlanticcity.com/news/local/medicare-expands-telehealth-to-help-keep-seniors-safe-savvy-senior/article_2ac9308a-e337-53f2-973b-62b1b27f4ce0.html
If you have questions about your Choices in Medicare, please contact me at David@ChoicesInMedicare.com or go to www.ChoicesInMedicare.com
New 2020 Medicare Costs At A Glance
New 2020 Medicare Costs at a Glance
Happy New Year! As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2020. These are the key changes to Medicare’s premiums and coverages. A highlight is the average costs for Part D drug plans have gone done and the infamous “Donut Hole” (aka Coverage Gap) name no longer applies as costs for people who do reach this stage now only pay 25% of the cost for Brand or Generic drugs.
- Part A deductible – Will be $1408 up from $1364 (per 60 day Benefit Stay)
- Part B Deductible – Will be $198 up from $185 (Annual deductible)
- Part B Premium – Will be $144.60 up from $135.50 (Excluding Irmaa)
- Part D Maximum Deductible – Will be $435 up from $415 (Some plans don’t have a deductible)
- Part D Premium National Average – Will be $32.74 DOWN from $33.19 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
No More Plan F and MACRA
Many of my Medicare clients ask about the news they have heard about Plan F Supplement going away. While that is the gist of what is happening, let me clarify a little more about this change.
Almost 4 years ago, a new federal law (MACRA) announced that effective Jan 1, 2020, first dollar Part B coverage would be phased out. Certain Medicare Supplement Plans (aka Medigap policies) such as Plan F pay the Part B deductible which is $185 in 2019. The new law will mean those Supplements cannot be offered to Newly Eligible Medicare beneficiaries on or after Jan 1, 2020. This means a few things. Beneficiaries that already have a Plan F Supplement can keep it. If beneficiaries who are not “Newly Eligible” have a different Supplement plan, they can still apply for a Plan F (assuming they are healthy enough to medically qualify). Those that are Newly Eligible on or after Jan 1, 2020, will not be able to get a Plan F or similar.
In spite of all that, most of my clients do not select a Plan F. This is primarily due to cost and coverage differences to other Supplement Plan letters. Feel free to call if you have questions about this.
If you want to learn more about this topic, the link below will direct you to more details: https://www.naic.org/documents/cmte_b_senior_issues_related_macra_faq_2018.pdf#page=5
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com
New 2019 Medicare Costs at a Glance
As I do every new year, I wanted to post the key, new Medicare numbers that will be in effect for 2019. These are the key changes to Medicare’s premiums and coverages. A couple of the highlights are that the Part B premium only went up $1.50 and the Part B deductible only went up $2.
- Part A deductible – Will be $1364 up from $1340 (per 60 day Benefit Stay)
- Part B Deductible – Will be $185 up from $183 (Annual deductible)
- Part B Premium – Will be $135.50 up from $134.00
- Part D Maximum Deductible – Will be $415 up from $405 (Some plans don’t have a deductible)
- Part D Premium National Average – Will be $33.19 DOWN from $35.02 (Is used to determine Part D Penalty)
Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.
Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com