Attention long-term care and group home owners! The Medicare Annual Enrollment Period is fast approaching. Every fall, from October 15 through December 7, Medicare beneficiaries can evaluate current health care coverages and make necessary changes.
If your residents are already enrolled in Medicare coverage, during the open enrollment period they can:
- Switch to Medicare Advantage (as long as they are enrolled in Medicare Part A and B, and reside in the Medicare Advantage plan’s service area)
- Switch to Original Medicare (plus a Medicare Part D plan)
- Switch to another Medicare Advantage plan
- Enroll in a Medicare Part D plan or switch to another Medicare Part D plan1
Any changes made to an existing plan will go into effect on January 1, 2023.2 If no changes are elected, all existing coverages will renew for 2023, but you should be careful to compare options each fall because a plan renewal might still include cost and benefit changes.3
There are a few Medicare premium and out-of-pocket cost changes for 2023. A few changes to be aware of include:
- The Inflation Reduction Act will cap the cost of insulin at $35 per month
- Part B premiums and deductibles, and Part D premiums are expected to decrease
- Part A premiums and deductibles are expected to increase
- The maximum allowable out-of-pocket cap for Medicare Advantage plans is increasing to $8,3004
Coordinated Care Consultants is ready to answer your questions and help you make informed decisions on your residents’ health care needs. Whether you are looking for guidance on Medicare plans or hoping to make changes to resident coverages to get in-house PCP, we are here to help every step of the way. Give us a call for a free consultation!
1, 3. www.medicareresources.org/medicare-open-enrollment