Medicare Part B Premium decrease coming? Wow, we sure hope so. For those on Medicare you are more than aware of the 2022 increase that happened with Medicare Part B premiums. This was the biggest jump in history. A 15% increase in the middle of a pandemic and when everything else is going up as well.
Why the increase in 2022?
The size of the increase for Medicare Part B Premiums for 2022 was directly tied to the Alzheimer’s Drug Aduhelm on top of the Social Security Cost of Living increase. In June of 2021, the FDA pushed through rather unexpectedly, the drug Aduhelm, which started at a cost of $56,000 per person! CMS (Centers for Medicare Services) decided to increase the Medicare Part B Premium for 2022 because they got “spooked” due to the price tag on Aduhelm. Side note, it is now only approved and covered for a small test group at this point. After initial very weak sales, the price was cut in half to $28,200.
The Good News
CMS has decided to reduce the Medicare Part B Premium for 2023. We wish we could tell you that they are doing it right now, but it is slated to happen January of 2023. Here is an article on their latest update.
We made a video as soon as we heard this news, click here to hear Rick’s info and thoughts on this. He also gives us a good way to save $$ now. This is the time to take a look at your supplement plan with your agent. If you are on a plan G or F, we strongly encourage moving to a Medicare Supplement Plan N. You would have small copays at doctors visits but save a good amount in monthly premium costs. In the state of Washington you can make this change year round. In other states, you can change if you qualify in regards to your health.
Here are some other ways to save money in regards to the cost of your Medicare Part D Drug plan. It’s always smart to review your drug plan in the fall open enrollment period. This is the time to see if there is a better plan for you for the following year. You can even do this directly on our website. Lastly, if your income is low, you may qualify for reduced premiums on your Medicare Part B premium and/or Medicare Part D Prescription premium. This often makes for low co pays on refills. Contact Social Security by phone or apply online by googling, “apply for Medicare extra help” to find out if you qualify. We can always help you as well.