There are numerous points of consideration when searching for a Medicare Advantage plan in 2023. For example, the Medicare Part B monthly premium will be decreasing in January, going from $170.10 per month to $164.90 per month. Echo Financial Services is here to help decode some of the updates and changes, so contact us if you’re unsure of the Medicare process.
Assistance Cards
If your Medicare Advantage Prescription Drug (MAPD) plan includes a flex card, be sure to fully understand how it works. It is not the same as a grocery or utility card. Many flex cards can only be used to pay for dental, glasses, and hearing aids.
Be cautious of commercials promoting grocery cards for seniors on Medicare. These benefits are often only available to those on Medicaid. Some Medicare Advantage plans offer grocery and utility benefits in certain areas. If you are a Medicare beneficiary and want to learn more about these benefits and see if they are offered in your area, you can contact us.
Out Of Pocket Considerations
The Annual Maximum Out of Pocket (MOOP) is a safety net that insurance companies have in place to protect consumers’ finances. It works by tracking the money that a member spends out of pocket on medical services (copays). Once the member reaches the MOOP, all medical services will be covered at 100% for the rest of the year. This does not include prescriptions or medical services.
It’s important to be aware of Point of Service (POS) plans that advertise that you can go out of network. This means that while you can visit doctors outside of the network, you will be responsible for handling the claims process. This includes paying the entire bill out of pocket, obtaining an itemized list of services provided, filling out a form from the insurance company, and potentially waiting for reimbursement.
Insulin Cost Changes For 2023
The government has implemented a new law for 2023 that limits the cost of insulin for those with Medicare Advantage plans that include prescription drug coverage or stand-alone prescription drug coverage to $35 and prohibits deductibles for insulin. Don’t let an insurance agent convince you that a plan is good just because the insulin cost is $35. In the past, there were only a few plans that offered discounts on insulin, leading people to choose those plans due to the high cost of the medication. However, now there are more options available.
Dental Benefits Considerations
Understanding your dental benefits is crucial because some plans do not function as expected. Consider asking the following questions: How much coverage does the plan offer? Will you have to pay a copay or percentage out of pocket, or can you use the dental benefit without additional cost? Is the dental benefit a reimbursement? Does the insurance use a third party to administer the dental benefit, and if so, who is it? Knowing the third party is important because you may need to inform the dental office of this information to schedule an appointment. If you do not know, you may be told that the dental office does not accept Medicare Advantage insurance for dental coverage.
At Echo Financial Services, we understand that you deserve to live your later years stress-free, so when you have questions about which Medicare Supplement Plan is best for you, contact us!
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