Key takeaways
- Changes from Inflation Reduction Act will take effect next year.
- Lower out-of-pocket limit in Part D drug plans erases old “donut hole.”
- You may find weight loss drugs covered to treat other medical conditions.
- Your Medicare Advantage plan may not stay the same.
- Look for a midyear statement from your MA plan.
- Caregivers for loved ones with dementia may be eligible for respite care.
- More mental health counselors are encouraged to enroll as providers.
You can thank the Inflation Reduction Act of 2022 for some of the biggest Medicare changes in the past few years — including a welcome reprieve from the high costs of prescription drugs.
Among the changes:
In 2023, Medicare capped covered insulin costs in Part D prescription drug plans at $35 a month and eliminated out-of-pocket costs for recommended vaccines.
In 2024, the government expanded eligibility for financial assistance from the Part D Extra Help program and announced results Aug. 15 of negotiations to reduce the costs of 10 of Medicare’s most expensive drugs. Those prices will take effect in 2026.
One of the biggest changes takes effect […]
