The recently enacted Inflation Reduction Act is good news for senior citizens on Medicare and for consumers enrolled in Affordable Care Act health insurance through the Marketplace.
For people who have their health insurance through the Affordable Care Act Marketplace, the lower premium rates that were implemented during the COVID emergency will continue through 2025. The new 100% -150% Special Enrollment Period will also continue. If you have never checked out your out of pocket costs for good health insurance through the Marketplace, now would be a good time to do so. If you still need coverage for 2022, you may qualify for a Special Enrollment Period that could get you coverage.
Beginning with the 2023 coverage year, seniors on Medicare can get vaccines with no out of pocket costs to them. Also the price of insulin is capped at $35/month beginning in 2023. Medicare beneficiaries with Medicare Part D will have their out of pocket costs for their prescription drugs capped at $4000 or less per year in 2024 and at $2000 in 2025. Knowing what the yearly maximum cost of your drugs will be extremely helpful for seniors on tight budgets.
Everyone who has Marketplace coverage, now and will need coverage in 2023, needs to renew their coverage during the upcoming Open Enrollment. Open Enrollment for the 2023 coverage year will start November 1, 2022 and be open through January 15, 2023.
There are free, experienced and certified, in-person coverage counselors available to help you understand the numerous health plans that are available. Coverage counselors can assist you with the application process.
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