#Middlebury #Medicare #OpenEnrollment
Before we know it, that yearly event will be here – when we have to decide what to do about our Medicare plans between Oct. 15 and Dec. 7 for coverage that will begin Jan. 1 next year. There are several things we have to consider, such as taking on a prescription drug plan or changing to a new one or staying with original Medicare or going with an Advantage plan or changing Advantage plans or going back to original Medicare. All these take time to think about.
Thoughts to consider:
What will Social Security look like in 2023? We won’t know the Social Security increase until it is announced in October. There have been guesses that we might receive as much as a 10.5% increase, which calculates to $175 for the average beneficiary. The Part B premium will be deducted from that.
We’re likely looking at an 8.5% increase in Medicare Advantage and Part D drug plans costs. Check the costs of your prescriptions over the past three years, because for some of us, that’s where the big-ticket expenses are. Chances are the drug costs have gone up, possibly even significantly. And chances are they’re not coming down.
What to do, what to do … Two options worth looking at are GoodRx (goodrx.com) and Marc Cuban CostPlus Drug Company (costplusdrugs.com). Both offer discounted prices on prescription drugs. Investigate and see what you think.
A Kaiser study concluded that seven out of 10 people did not research the plans during open enrollment. Because of the rising costs of everything in our lives, this needs to be the year that we compare, compare, compare. When in doubt, look into SHIP, the State Health Insurance Assistance Program, which is in every state and is staffed by volunteers who can help you wade through the Medicare information. Call them at 877-839-2675 for the one near you.
© 2022 King Features Synd., Inc.
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