The session covers the standard benefit, how to use the Plan Finder at Medicare.gov, understanding the search results from the Plan Finder, and how to select a Prescription Drug Plan insurance company either online or using an agent. Learn more about new coverages for insulin and vaccines in 2023.
The Inflation Reduction Act made two major changes for Medicare beneficiaries. The major benefit is that Prescription Drug Plans will be required to offer insulin for $35 per month regardless of the number of vials of the same drug that is used. Diabetics will be able to save hundreds of dollars each month.
Another change in the Act, is that all vaccines, including flu, pneumonia, COVID-19, and shingles will be covered in full by Medicare Part B.
Prescription Drug Plans annually make changes to their formulary, the out-of-pocket costs, deductibles, and premiums. Companies switch drugs between tiers, usually resulting in higher co-pays for many prescriptions.