Key Changes to Medicare You Should Know About

Medicare is a crucial health insurance program for people aged 65 and older, as well as certain younger individuals with disabilities. Each year, there are changes to Medicare that can affect the coverage, costs, and services available. It’s important to stay informed about these changes to ensure you make the best decisions for your health care. Here are some key updates to Medicare that you should be aware of.

Changes to Medicare Premiums

One of the most noticeable changes for Medicare beneficiaries is the adjustment to premiums. Each year, the amount you pay for Medicare Part B (medical insurance) and Part D (prescription drug coverage) premiums can increase. These increases are generally due to inflation and rising healthcare costs. It’s important to check the new premium rates annually to adjust your budget accordingly.

Expanded Coverage for Telehealth

Telehealth services became especially important during the COVID-19 pandemic, and many of these services remain covered under Medicare. This includes virtual doctor visits, mental health counseling, and other healthcare services that can be provided remotely. The expansion of telehealth helps ensure that Medicare beneficiaries can receive care from the safety and comfort of their homes.

Prescription Drug Coverage Updates

Medicare Part D, which covers prescription drugs, sees updates every year. This can include changes to the formulary (the list of covered drugs) and new cost-sharing options. Additionally, the “donut hole” coverage gap has been gradually reduced in recent years, meaning that beneficiaries may pay less for medications once they reach this stage of their coverage.

Medicare Advantage Plan Changes

Medicare Advantage Plans (Part C) are private insurance plans that offer an alternative to traditional Medicare. These plans often include additional benefits like dental, vision, and hearing coverage. Each year, private insurers may adjust the plans they offer, including premiums, out-of-pocket costs, and covered services. It’s important to review your Medicare Advantage Plan each year to ensure it still meets your needs.

Financial Assistance for Low-Income Beneficiaries

Medicare provides financial assistance for those with limited incomes through programs like the Extra Help program for prescription drug costs and the Medicare Savings Program. These programs may see changes to eligibility requirements or benefit levels, so it’s a good idea to review whether you qualify for additional assistance each year.

Preventive Services and Wellness Visits

Medicare has been expanding its coverage of preventive services, such as cancer screenings, immunizations, and wellness visits. These services are often available at no additional cost to beneficiaries. Staying up-to-date on preventive care can help you stay healthy and catch potential issues early.

Changes to Coverage for Home Health Services

Medicare has made changes to home health coverage, making it easier for people to receive medical care at home. For instance, beneficiaries may have access to more home health services, including physical therapy, skilled nursing care, and home health aides, especially for those recovering from surgery or serious illness.

Keeping track of these changes can help you make the most of your Medicare benefits. Review your coverage options every year, and if you have questions, don’t hesitate to reach out to a Medicare counselor or healthcare professional.