Medicare changes

Social Security recipients will receive an 8.7 percent cost of living increase in 2023, the largest in four decades, and Medicare part B premiums will drop next year. President of Connecthealth Jim Starr explained:

“The Social Security increase should increase the average monthly check more than $140. That’s in addition to the Medicare Part B decrease. Medicare Part B premiums will decrease by $5.20 per month and deductibles by $7 per month. There will also be a slight decrease in Medicare Advantage and Part D plans. This is welcome news for seniors struggling with rising prescription drugs, food and utility costs.”
 

Medicare open enrollment began October 15 and ends December 7.

“Enrollment is open now, and this might be another opportunity to save some of your hard-earned money. It pays to review your Part D drug coverage. The estimated annual savings last year was over $1,500 per person who called and found a more effective plan. Depending on your income, you might qualify for Medicare Savings Program and Extra Help which will help pay for premiums, co-pays, deductibles, and prescription drug coverage.”
 

A great resource in your state is the State Health Insurance Counseling Program who can help inform the public about Medicare and other senior health insurance issues.

Starr adds for rural seniors, the changes are even better news.

“Research shows that on average rural counties and counties with small towns are more dependent on Social Security than urban counties. In urban counties, five percent of personal income comes from Social Security. In rural counties, an average of 9.3 percent of personal income arrives in the form of a Social Security check.”