Important Medicare updates for next year

As a new year approaches, it is critical to stay on top of important Medicare updates. Each year, the Medicare program undergoes changes in coverage, costs and policies. These changes can affect beneficiaries in a variety of areas, from drug coverage to preventive medical services. At Avila Medicare Solutions, we want to make sure you are informed about these updates and prepared to get the most out of your Medicare plan. Below is a summary of the key updates that will take effect next year.

1. Changes in premiums and deductibles

One of the most expected changes each year are adjustments in premiums and deductibles. Medicare Part A (hospitalization) and Part B (physician services) costs may experience increases. This includes both the monthly premiums you pay to be covered and the deductibles you must meet before Medicare begins to pay for services.

It is important to be aware of these changes, as they can directly impact your budget. If your costs increase significantly, you may want to explore options such as a Medicare Advantage plan or supplemental insurance (Medigap) to help you reduce out-of-pocket expenses.

New coverage and services

Each year, Medicare expands the list of covered services, and next year will be no exception. Important updates to Medicare will include the addition of new preventive care and wellness services. Medicare may begin to cover additional tests or new treatments, which may be a benefit for those with certain chronic conditions or at risk of developing a disease.

Improvements in drug coverage

The Inflation Reduction Act continues to have a positive impact on Medicare Part D drug coverage. Next year, more drugs are expected to be available at lower prices thanks to Medicare's ability to directly negotiate prices with pharmaceutical companies. In addition, some beneficiaries may notice a cap on out-of-pocket expenses related to prescription drugs, which can alleviate a significant financial burden.

If you are taking high-cost medications, we suggest you review your Part D plan to make sure it is still the best option for you.

4. Telemedicine updates

The COVID-19 pandemic changed the way we access health care, and Medicare has recognized the importance of telemedicine. In the coming year, Medicare is expected to continue to cover a wide range of telemedicine services, allowing beneficiaries to access care from the comfort of their home. This is especially valuable for those with limited mobility or living in rural areas.

5. Changes in registration and election periods.

The important Medicare updates will also include adjustments to enrollment periods, allowing more flexibility for those who wish to change plans or enroll for the first time. It is crucial that you stay on top of the dates and requirements to make sure you don't miss any opportunities to optimize your coverage.

Being informed about important Medicare updates is essential to making smart decisions about your health coverage. If you have any questions or need personalized advice to understand how these changes may affect your situation, Avila Medicare Solutions is here to help. Don't wait until the last minute; contact us today for free, expert advice. Call us at 855-GO-AVILA and make sure you are prepared for the changes the new year brings.