Inflation Reduction Act improved benefits for Medicare plan recipients

The Inflation Reduction Act made historic improvements to Medicare, and U.S. Rep. Abigail Spanberger encouraged the Centers for Medicare and Medicaid Services (CMS) and the Administration for Community Living to spread awareness of the improvements.

Virginia seniors can now compare their personalized coverage options for 2023, according to a press release, and take advantage of immediate decreased costs.

Open enrollment for 2023 Medicare plans began Oct. 15.

The Inflation Reduction Act caps out-of-pocket insulin costs at $35 per month for Medicare beneficiaries and eliminates cost-sharing for recommended vaccines as of Jan. 1, 2023. Medicare also has the power to negotiate prescription drug prices according to the new law, and limits out-of-pocket drug costs to $2,000 per year starting in 2025. The law will prevent prescription companies from raising prices faster than inflation.

CMS announced in September that Medicare beneficiaries will have lower average premiums for Medicare Part B, Medicare Advantage and Medicare Part D prescription plans in 2023 thanks to the Inflation Reduction Act.

“These provisions will improve seniors’ access to health care, strengthen the Medicare benefit, and save seniors money over the long term,” Spanberger said in a press release. “In 2020, the average senior spent $54 out-of-pocket on each insulin prescription — more than 50% higher than the new $35 monthly out-of-pocket cap. For many seniors the cost of the two-dose shingles vaccine could be as high as $162 per shot — the new law makes it available to Part D enrollees without co-pay in 2023. Nearly 85,000 Virginian seniors received a vaccine through Medicare Part D in 2020 and could see their cost-sharing reduced by this provision.”

Free, unbiased counseling is available for Virginian seniors with the Virginia Insurance Counseling and Assistance Program (VICAP) to compare the quality of care and services offered to maximize their Medicare benefits for 2023.

“I reiterate the importance of Medicare beneficiaries being aware of these improved benefits so they can make an informed choice about the plan that is best for them during this year’s open enrollment and take full advantage of the Inflation Reduction Act’s historic cost savings,” Spanberger’s letter continued.

Open enrollment is through Dec. 7, 2022.