The 2022 Inflation Reduction Act has some significant changes in store for the near future - especially relating to the Medicare Prescription Drug Program.
All seniors on Medicare will want to pay special attention to these changes: 1) Low Cost Insulin: Beginning January 1, 2023, Medicare Recipients will pay no more than $35.00 for a month's supply of Insulin, whether you are in the initial coverage phase, coverage gap (or Donut Hole), or catastrophic coverage stage of your Part D plan. Insulin and Insulin products will also not be subject to plans deductibles.
2) No Copay Vaccines: Those with Medicare will have no out of pocket costs for adult vaccines recommended by the Advisory Committee on Immunization. This includes:
3) Lower Drug Prices starting in 2026: In 2023, Medicare will begin the DRUG PRICE NEGOTIATION PROGRAM and choose 10 drugs to negotiate prices on with pharmaceutical manufacturers from a list of expensive, brand-name drugs that don't have competition. The new prices for these drugs won't take effect until 2026. From there, Medicare will negotiate the prices for 15 more drugs in 2024, with changes taking effect in 2027, then 20 drugs every year after that until at least 2029. 4) Elimination of Cost Sharing in Catastrophic Coverage: Starting in 2024, those who reach the catastrophic coverage phase of Part D plans will no longer have to pay a copay (For 2023 this is either 5% of a drug's cost or $4.15 for generics and $10.35 for brand-name drugs, whichever is greater).
5) Cap on Out-of-Pocket Drug Costs: Out-of-pocket spending on Part D drugs for Medicare enrollees will be capped at $2,000 in 2025. After paying $2,000 out of pocket for drugs, those on Medicare will have NO out of pocket costs on prescriptions for the remainder of the year. This change will eliminate both the Part D Coverage Gap (Donut Hole) and Catastrophic Coverage Phases. Note, that the $2,000 cap amount may increase annually. -Gary Haft, JMH Advisors
Brain Bowl 2023
Florida Senior Care Solutions attended this year's 9th Annual Brain Bowl Luncheon at the Boca West Country Club.. The event was truly the "Superbowl" of all luncheons as professionals from across South Florida came together for a great cause. The Brain Bowls' mission is to raise awareness, promote understanding and provide support to those living with Alzheimer's, Parkinson's, or one of the 100 types of Dementia and related neurocognitive disorders and
their loved ones.
Always a great event for an important cause!