On Tuesday, September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) announced that the monthly premiums, deductibles, and coinsurance for Medicare Part A and Part B are expected to decrease by about $5 (or 3%) in the coming year. This is the first time a cost like this has been lowered in more than a decade. According to Health and Human Services Secretary Xavier Becerra, federal spending on the new Alzheimer’s drug, Aduhelm, will not be as high as initially projected, which has contributed to this pay decrease in premium. Medicare Part B covers things like doctor visits, certain home health services, durable medical equipment, and other medical and health services that are not covered by Medicare Part

Health insurance terminology can be hard to follow at times, but we’ve broken down the five most important ones to note: Premium – while you pay a monthly bill for your health insurance, the cost of said premium doesn’t necessarily equate to the cost of the health care services. Deductible – this is the out-of-pocket amount you must pay for health care services before your health insurance takes effect. Once you’ve paid your deductible, you still may be required to pay copays or coinsurance until you hit your limit for those payments. Copayment – also known as “copay” is a fixed amount you pay for a service or medication. This is often the way health insurance companies will split the

In a society where health and safety are rapidly changing, having Medicare coverage is of the utmost importance. However, Original Medicare does not account for office visits and prescriptions. That is where a Medicare Supplement Plan, also known as Medigap, comes to your aid. Since most Medigap plans are standardized and can be used with any medical provider who accepts Medicare, having a Medigap plan gives you all the added benefits while staying with the doctor you feel most comfortable with. There are three ways in which Medigap plan premiums are calculated: issue-age rated, attained-age rated, and community rated. Understanding your needs and options will help you determine which plan and insurance provider to choose. Still have questions and want

President Lyndon B. Johnson signed Medicare into law some 56 years ago. A lot has changed in that time, and there are some facts that Americans may not be aware of the health insurance program. Claiming Social Security does not mean Medicare will automatically start. Check your enrollment period so you don’t miss out on important dates! Medicare insurance isn’t entirely free. Hospital insurance is covered at no additional cost by Medicare; however, the deductible is $1,364 for each benefit period with a $0 for the first 60 days of a benefit period, but then goes up from there. You don’t have to enroll in Medicare just because you turned 65, but you may want to. Check what coverage you

Navigating health insurance can often feel like a labyrinth of jargon and decisions. It’s natural to be a bit overwhelmed. That’s why we’re here to break it down for you. Before you commit to a health insurance plan, it’s essential to ask these top five questions: 1. Will it Save Me Money, Even When I’m Healthy? Consider factors like monthly premiums and the costs of doctor’s visits when you’re feeling fine. It’s not just about sick days; you want a plan that’s cost-effective throughout the year. 2. Is It Affordable When I’m Ill? Life throws curveballs, and accidents happen. You need a plan that fits your budget when unexpected health issues arise. Key questions to ask include the deductible and

If you are in an original Medicare program, also known as Medicare Part B, you are entitled to 80 percent coverage of most medical equipment and supplies. You may be wondering what sort of items are included and whether the ones you depend on are on that list. These items include, but are not limited to wheelchairs, artificial limbs, pacemakers, commode chairs, hospital beds, appliances to aid breathing, neck and back braces, oxygen supplies, and more. To qualify for Medicare coverage, the equipment guidelines are as follows: Medically necessary for the insured Prescribed by a primary care professional Reusable and durable Applicable for in-home use There are a few other things to note about medical equipment – one being that