New 2023 Medicare Prescription Benefits

For those with Medicare Part D prescription coverage, 2023 offers new benefits for those suffering with diabetes and other medical conditions.

A one-month supply of insulin will now cost $35.00 in 2023.

Vaccines, including the shingles vaccine, will now be provided at no cost to the policyholder. This one vaccine will save the patient hundreds of dollars in out-of-pocket costs.

Part D out-of-pocket spend: Part D benefits have certain phases which determine the members out-of-pocket expenses. Once they reach the catastrophic level their cost share drops to 5% generally. Over the next several years the catastrophic level will be removed. Starting in 2024 the 5% co-pay will be removed. In 2025 Part D coverage in general will be redesigned, adding a maximum-out-of-pocket and changing the phases of coverage.

One of the major issues with Arizona Medicare supplement Part D coverage is the premium increases each year. Starting in 2024 insurance companies will be limited when it comes to the amount of premium increase they may impose year to year. This change, in conjunction with a stated maximum out of pocket amount, will make comparing plans much easier for the policyholder shopping for the best policy based on their current medications and pharmacy.

In 2026 the federal government will begin price negotiations with drug manufacturers. As things stand, the largest purchaser of medications in the country, the federal government, cannot negotiate with suppliers. These negotiations should lower drug prices for Medicare, Part B, and Part D.