Q&A: Medicare Open Enrollment

Q&A: Medicare Open Enrollment

Q&A: Medicare Open Enrollment

With U.S. Senator Chuck Grassley

Q: What do Iowans need to know about Medicare open enrollment?

A: The open enrollment period for joining a Medicare health or drug plan for the upcoming year starts Oct. 15. The deadline to join, switch or drop a plan is Dec. 7. Coverage begins on Jan. 1, 2023. In Iowa, 653,534 individuals currently are enrolled in Medicare. During this window, Iowans may change from original Medicare to a Medicare Advantage Plan, or vice versa. From year to year, health needs vary and it's prudent to examine different costs and benefits. Taking the time to comparison shop is a smart idea to look for coverage and benefits that suits your health care needs and budget. The Centers for Medicare & Medicaid Services (CMS) recently announced 2023 premiums and deductibles for Medicare Advantage and Medicare Part D prescription drug plans. In Iowa, CMS estimates the average monthly Medicare Advantage plan premium will be $9.13 in 2023. Our state has 70 Medicare Advantage plans available next year, compared to 61 in 2022. Access to Medicare Advantage plans vary by county. CMS expects enrollment in Medicare Advantage plans will continue to grow. Iowans who choose Medicare Advantage plans have a range of supplemental benefits, including eyewear, hearing aids, dental and other benefits.

Iowans also may choose to join a Medicare drug plan, known as Part D. In 2023, the average basic monthly premium for standard Part D is estimated to be $31.50. In Iowa, 24 stand-alone Medicare prescription drug plans are available in 2023. When I chaired the Senate Finance Committee, I worked with then-ranking member Sen. Max Baucus to write the first-ever Medicare prescription drug benefit. In fact, Part D was the first major expansion of Medicare since the nation's health insurance program for seniors and Americans with disabilities was enacted in 1965. Most recently, I wrote comprehensive bipartisan reforms with Sen. Ron Wyden to help lower the cost of prescription drugs. Unfortunately, my effort to replace the reckless tax and spending spree with our Prescription Drug Pricing Reduction Act in August was blocked. We could have passed drug pricing reform on a bipartisan basis if the majority was less interested in scoring political points. According to the Congressional Budget Office, our bill would save taxpayers $95 billion, reduce out-of-pocket spending by $72 billion and reduce premiums by $1 billion.

For first-time Medicare enrollees, it's important to be aware of the Part D late enrollment penalty. If you don't join a Medicare drug coverage plan (or have prescription drug coverage elsewhere) for more than 63 days after first enrolling in Medicare Part A or Part B, the late enrollment penalty is calculated by multiplying 1 percent of the "national base beneficiary premium" ($32.74 in 2023) by the number of full, uncovered months you were eligible and didn't enroll. That amount is added to your monthly premium every year. So, be sure to keep records showing you had drug coverage to avoid the late enrollment penalty down the road. More importantly, even if you don't need prescription drug medicines today, it may save your pocketbook in the years ahead to sign up for Medicare drug coverage now.

I'll continue workingto fight inflation and lower costs for seniors. Recently, the FDA finalized rules for my bipartisan 2017 Over-the-Counter Hearing Aid law that will enable certain types of hearing aids to be available over-the-counter for those with mild to moderate hearing loss. Rules for this will go into effect on October 17, 2022. This is good news. Consumers will be able to access more affordable hearing aids that are safe and effective. I'll also continue working to lower prescription drug costs. Recent reforms I'vechampioned into law will save $9.6 billion over the next decade. I'm also committed to making insulin more affordable and passing bipartisan reforms to hold Big Pharma and powerful pharmacy benefit managers accountable.

Q: What if Iowans need help to navigate choices?

A:During open enrollment, Iowans who are eligible for Medicare can find information about getting started with Medicare at Medicare.gov. Use the Medicare Plan Finder to explore Medicare coverage options tailored to your needs by comparing coverage and cost options. As a reminder, if you choose a Medicare Advantage Plan or other Medicare health plan, you have the same basic benefits as people who have Original Medicare. Be sure to compare monthly premiums, deductibles, coinsurance and copayments to enroll in the plan that best fits your needs. Iowans who are satisfied with their current coverage can roll over their current plan and do not need to re-enroll.

Medicare enrollees also may reach out to the local State Health Insurance Information Program(SHIP) for one-on-one help. Iowans may call (800) 351-4664, send an email to[email protected] or go online to https://shiip.iowa.gov/. Lower-income Iowans who meet certain requirements may qualify for programs to help afford the cost of coverage. More information about these programs can be found by clicking here (https://www.medicare.gov/basics/costs/help). Contact the Iowa Department of Human Services to learn more (800) 338-8366. Additionally, Iowans who need assistance dealing with federal agencies and departments, including CMS, can always contact my office for casework assistance. More information about this can be found by clicking here (https://www.grassley.senate.gov/services/help-with-federal-agencies). Iowans can also feel free to contact any of my state-based offices directly for more information about the casework process.

• Print
• Email
• Like
• Tweet