11414 W. Center Rd., Suite 250 Omaha, NE 68144 402-614-3389 OmahaInsuranceSolutions.com
PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
Code 774671_070623_MK
INSIDE This Issue
Getting to Know Angie
1
2
Medicare Is Changing for the Better
3
Testimonial
Grilled Steak Salad With Peaches
3
4
2023 Medicare Changes for Insulin
Have Insulin? Be Sure You Know These Changes!
Medicare has covered insulin for a long time and has undergone some changes over the years. The most recent change was The Inflation Reduction Act (IRA) law the Biden Administration sponsored, significantly changing Medicare for 2023. The IRA law set a cap of $35 for insulin that Medicare Part D prescription drug plans offered. It’s important to note that these changes are only for insulin. Other non-insulin and anti-diabetic medications like Trulicity, Bydureon, Ozempic, and Victoza are not part of the price reduction program. WHAT CHANGES ARE COVERED BY MEDICARE PART B AND PART D? The $35 insulin cap is for Medicare Part B and Part D. Most people get their insulin medications through their Medicare Part D prescription drug plan. However, many use insulin through an insulin pump. These pumps are considered durable medical equipment and are billed under Medicare Part B. Part B has a deductible and an unlimited 20% coinsurance. However, when paired with a Medicare supplement, like Plan G, the 20% coinsurance is wholly covered. After a small Part B deductible is met, the beneficiary pays nothing for the pump or insulin. Medicare
beneficiaries don’t have to meet the deductibles of $505 before they start paying $35 for insulin.
However, not every brand or type of insulin will be $35 — only the insulin plans Medicare carries will be $35.
DON’T FORGET ABOUT THE SPECIAL ENROLLMENT PERIOD! Because the $35 insulin for Medicare beneficiaries is a new regulation, Medicare has allowed a special enrollment period for “Exceptional Circumstances.” The rule is only for those who are on insulin. You have a one-time opportunity to change your Medicare Part D prescription drug plan from Dec. 8, 2022, until Dec. 31, 2023 . The Inflation Reduction Act (IRA) introduces significant changes to Medicare from 2023 to 2025. It’s essential to be aware of these new rules so you can benefit from them and get the proper medications to enhance your life’s quality. If you have any questions or concerns about these changes or how to pay for insulin, please don’t hesitate to call me!
This is Part 1 of the changes for Insulin. Be sure to check out Part 2 in the next edition of our newsletter!
4 • OmahaInsuranceSolutions.com
Made with FlippingBook Ebook Creator