Medicare Plan Changes during Open Enrollment Oct. 15-Dec. 7 Offer Best Time to Reduce Costs, Allsup Reports
From
"Higher premiums and other
The Allsup Medicare Advisor® provides a range of
Earlier this year, the Boards of Trustees for the
What To Expect: Medicare Plans In 2017
About 57 million people are enrolled in
- Part D prescription drug plans. Out-of-pocket costs will shift for prescription drug coverage. The Part D initial deductible will increase by
$40 to$400 in 2017. Drug cost sharing during catastrophic coverage will be the greater of$3.30 or 5 percent for generic or preferred drugs (multi-use source) and the greater of$8.25 or 5 percent for all other drugs in 2017. Premiums are expected to remain stable in 2017 at$34 per month for a basicMedicare Part D prescription drug plan, according to CMS. In addition to costs, beneficiaries should look for changes to the drugs covered under the plans they are considering for 2017. - The drug "donut hole." The prescription drug gap is important for several million people who will have added out-of-pocket costs. In 2017, the gap begins when the beneficiary reaches the initial coverage limit of
$3,700 and ends when they have spent$4,950 . (These are increases of$390 and$100 , respectively.) Catastrophic coverage begins at this point. During the donut hole, all costs are covered by the individual, Tidball said. However, they receive discounts of 60 percent on brand name drugs and 51 percent on generic drugs while in the donut hole. - Medicare Part B premiums. Earlier this year, the Medicare Trustees report indicated premiums are likely to increase at least for a share of
Medicare beneficiaries. Those most likely to be affected include new enrollees in 2017, those who pay higher premiums due to income, and those billed directly for their Part B premium. There is a hold harmless provision affecting Medicare Part B premiums, which means ifSocial Security beneficiaries do not see an income adjustment in 2017, their Part B premium cannot increase, Tidball explained. Part B premiums are expected to be announced in October. -
Medicare Advantage plans. The market forMedicare Advantage plans changes every year, with some plans entering and others leaving, and provisions and costs changing. Beneficiaries can work with aMedicare plan selection service to see if they have any newer, less costly options for 2017. Tidball said plans should be reviewed for their premiums, deductibles, co-sharing and co-pays for items such as medical procedures, tests and drug formularies.
The Annual Notice of Change (ANOC) or Evidence of Coverage (EOC) from existing
"The
Request information from an Allsup Medicare specialist at Medicare.Allsup.com. Call (866) 521-7655 for more information about the Allsup Medicare Advisor®.
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