Testimonial
Medicare Part D Explained
January begins a new calendar year for Medicare. What does that mean for your Part D prescription drug plans in 2023? For most members with a Medicare Part D prescription drug plan, you have a deductible. The Part D deductible for 2023 is currently $505. The Part D deductible for 2022 was $480, which is a 5% increase. The deductible is the amount you initially pay out of your pocket before the plan begins paying. The deductible is vital because it keeps the overall cost of medications low and prevents members from overusing the Part D plans. I bring the deductible up in our newsletter because I get distressed phone calls every year in January, February, and March after clients go to the pharmacy. Sticker shock motivates clients to call, shouting that they can’t afford $500 monthly for their medications. I remind them they are in the deductible phase of the plan. Once they meet their deductible, the medication will decrease to around $45 per month. Since it’s been an entire year that a deductible was paid, it is understandable that people forget. For those paying the deductible all at once in January for the first time, the deductible experience will be a new and shocking surprise. Please, call me, a licensed agent, if you want to vent or get a better understanding of how your medications will play out in 2023. I don’t know about you, but $505 is a lot of money to pay out all of a sudden, especially if you were not planning on it. I’m usually all tapped out by January because my trophy wife, high-maintenance stepchildren, and grandchildren require much maintenance around Christmas.
Once you have met your Medicare Part D deductible for the year, your Tier 3, 4, and 5 medications will be the amount listed in your handbook during the initial phase before the Gap. Please, consult my other blogs about the Gap/Donut Hole. Most people, however, will not fall into the Gap and will pay minimal copays for the remainder of the year. It is the deductible that is the big obstacle. Clients ask, “Are there other Part D plans without a deductible?” There are a few, but the monthly premiums are much higher, and the copays are generally higher, too. When I run your medications through the Part D medication calculator, I look primarily at the total annual cost. The winner for you is the plan with the lowest annual cost and with at least a three-star rating. The calculator combines the monthly premium, deductibles, copays, and Gap — if applicable — and spits out a total number for the year. That is the plan you want to use. As for the Medicare star rating, you want to have at least three stars. More is better. There is no point in having the cheapest Part D plan if you never get your medications, or the insurance company is so painful to deal with that you need additional medications to handle it. January to March is when Part D plans remind most people that they have a deductible. Don’t be shocked. There is nothing wrong. You just need to meet the deductible to get to the lower cost for your medications for the remainder of the year.
“My wife and I were very impressed with Chris and his ability to patiently explain Medicare and the various options available. Chris is very knowledgeable and experienced, plus he is an absolute pleasure to
work with. With his assistance, we now feel confident about our coverage decisions. We would highly recommend visiting with Chris as a critical first step in moving to Medicare.” –Tom & Suzi F.
Easy Cherry Cobbler
Inspired by Life-In-The-Lofthouse.com
On a cold winter night, few things are better than warm bites of yummy cobbler. This recipe’s sweet and fluffy crust perfectly balances the tart cherry filling to create the ultimate after-dinner treat. Ingredients • 1/4 cup salted butter, melted • 1 cup cake flour or all-purpose flour • 1 cup granulated sugar • 1 tsp baking powder • 1 cup milk • 1 21-oz can cherry pie filling Directions 1. Preheat oven to 350 F. 2. In the bottom of a 2.5-quart baking dish, pour melted butter. 3. In a medium bowl, whisk together flour, sugar, baking powder, and milk until combined. 4. In the baking dish, pour batter over the butter, and don’t stir. Then, pour the cherry pie filling over the batter, and don’t stir. 5. Bake 45 minutes, or until crust is golden brown. Let stand 10 minutes before serving.
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