Medicare for You: What You Need to Know (Part 2)Reading Time: 2 Minutes
Last Updated: April 13, 2023
This is part two of our series on Medicare benefits. Did you miss the first blog? Please check it out here.
Did you know you can save money on Medicare costs this year? The Inflation Reduction Act which President Biden signed into law in August 2022, will help you save money on Medicare prescription drug costs and recommended adult vaccines starting in 2023.
Let’s explore a few of the ways that this new law will lower your Medicare prescription drug costs.
- Have Medicare prescription drug coverage – you’ll pay nothing out-of-pocket for recommended adult vaccines (including the shingles vaccine) starting in January 2023.
- Take insulin covered by your Medicare drug plan – you’ll pay no more than $35 in cost-sharing for a month’s supply of each covered insulin product starting in January 2023.
- Take insulin through a pump covered under Medicare’s durable medical equipment benefit – you’ll pay no more than $35 for a month’s supply starting in July 2023.
Starting in 2025, annual out-of-pocket costs for people with Medicare prescription drug coverage will be capped at $2,000 thanks to the Inflation Reduction Act.
Medicare Savings Programs
If you have limited income and resources, you may qualify for Medicare Saving Programs administered by your state Medicaid program. These programs could help save you money on health and prescription drug costs and reduce your Part B premium. For more information, contact your state Medicaid program or call 1-800-MEDICARE and ask about Medicare Savings Programs.
Medicare is here to help
Having Medicare means you’re getting the health care coverage you need to stay safe and healthy. That’s our priority at the Centers for Medicare & Medicaid Services. We’re here to help you compare Medicare coverage choices and learn about options to help pay for your Medicare costs.
Please visit Medicare.gov to learn more about Medicare. We encourage you also to access personalized health insurance counseling at no cost. This is available from your State Health Insurance Assistance Program (SHIP). To find your local SHIP, visit shiphelp.org or call 1-800-MEDICARE. Many SHIPs offer virtual counseling.
Please share this article with your loved ones – and post it on social media.
Traditional or Original Medicare, Medicare Advantage Plans, and Medicare drug plans are administered by the Centers for Medicare & Medicaid Services.
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Chiquita Brooks-LaSure, Administrator, Centers for Medicare & Medicaid Services