February 13, 2023
In 2022, numerous changes to Medicare enrollment and coverage were announced by the Centers for Medicare and Medicaid Services (CMS). Below outlines the updates to keep in mind for 2023.
Original Medicare Special Enrollment
As of January 1, 2023, Special Enrollment Periods are available for Original Medicare Part B for those who couldn’t enroll due to a special circumstance. Additionally, the Special Enrollment Period allows beneficiaries to enroll without the penalty of a late enrollment fee.
In an effort to reduce gaps in initial Medicare enrollment, beneficiaries will now receive their Medicare benefits the month after enrollment.
The Inflation Reduction Act of 2022 enacted an insulin cap that went into effect on January 1, 2023. Medicare Part D put a $35 cap on each one-month insulin prescription. Beneficiaries will not be charged a deductible for insulin.
Medicare Part D
At the start of 2023, the Centers for Medicare and Medicaid Services (CMS) initiated the Medicare Drug Price Negotiation Program. This program aims to lower the cost of 10 Part-D-covered prescription drugs. The official list will be released after negotiation is completed in September of 2023.