October 2023
Financial Planning

Medicare News

By Myra Alport

It seems like yesterday when I wrote the 2022 Copperwynd newsletter article about my experience enrolling in Medicare for the first time. Has the year gone by at lightning speed or what?

Alas, the 2024 Medicare enrollment season is here (bells and whistles)!

The 2024 Medicare Open Enrollment period runs from October 15, 2023 through December 7, 2023. Between these dates you can choose to disenroll or switch your Medicare Advantage plan or Part D Prescription Drug plan. Any changes will become effective on January 1, 2024.

The Annual Enrollment Period is NOT the time to apply for a new Medicare supplement plan (aka Medigap or Part B). When you first turn 65 and enroll in Part B there’s a 1-time window during which you can purchase any Part B policy without the need for underwriting. After that 6-month enrollment period ends, to make any changes you will need to pass the carrier’s underwriting standards. This can be done anytime.

If you are a current Medicare enrollee, by now you have hopefully received your “Annual Notice of Change Letter” from your Medicare Advantage or Part D carrier. This letter will announce any changes to copays, deductibles, drug formularies or pharmacy networks so you can compare them with other carriers. If you have questions, reach out to your Medicare insurance agent because they have tools at their disposal to help you make the best decision for your health care.

If you are completely happy with your current Medicare insurance plan, then there’s nothing you need to do! The plan will automatically renew, and you will receive a new ID card by January 1, 2024.

What’s New for 2024

Pending Medicare’s official announcement expected any day, here is what we are hearing regarding monthly premium costs:

Average Medicare Advantage premiums will rise minimally or not at all if staying with the same plan. Prescription drug plans are included in the Medicare Advantage overall premium cost.

Medicare Part B premiums are projected to increase from $164.90 to $174.80.

Medicare Part D plans will see the elimination of the 5% coinsurance requirement in the catastrophic coverage phase. Plans will be required to pay 5% more of total drug costs in this phase, up from 15% in previous years. The out-of-pocket spending threshold is capped at $8,000.

Insulin cost will be capped at $35/month per covered prescription.

Given the overwhelming number of Part D plans for a given zip code it’s hard to get a good read on what Part D premiums will be. I’m going to ask my Medicare agent to do the heavy lifting for me; I suggest you do the same!

Protect Yourself from Medicare Fraud in These 3 Ways

1. Never give your Medicare Number to anyone except your doctor or trusted parties. Medicare will never randomly call/text/email you to request your Medicare Number or personal information.

2. Review your Medicare Summary Notices for any unusual charges for services or products you did not order or receive.

3. Report fraudulent activity by notifying Medicare at 1-800-633-4227. Learn more on the Medicare website here.

Copperwynd Medicare Luncheon Event

During October we host Medicare Lunch N Learn events in Utah and Arizona. By the time you receive this newsletter, the Utah event will have already occurred. If you reside in Metro Phoenix, give us a call if you are interested in attending our October 10 event in Scottsdale.

If you have questions, please contact us.

MARKET UPDATE
401(K) ALLOCATION

To download the October 2023 Newsletter: CLICK HERE