INSURANCE Q: I’m on a Medicare Advantage plan and take insulin. Will the Inflation Reduction Act that I’m hearing about affect me?

A: Yes, you and many other seniors may see a number of benefits resulting from the Inflation Reduction Act of 2023. The new law will help you save money, improve access to affordable treatments, and strengthen the Medicare program. Here’s what the law means for you:

Lower costs for insulin

Whether you have a Medicare Advantage plan or a stand-alone Medicare Prescription Drug Plan, you will no longer pay a deductible for your insulin. In addition, your Medicare drug plan

can no longer charge you more than $35

for a one-month supply of your Part Dcovered insulin.

If you get a 2- or 3-month supply of insulin, your costs cannot be more than $35 for each month’s supply of covered insulin.

Part D plans have until March 31, 2023, to update their systems to make sure you are charged the correct amount. If you got a Part D-covered insulin product and paid more than $35 for it between January 1, 2023 and March 31, 2023, your Part D plan must reimburse you for any amount over $35 per month’s supply. Contact your plan if you believe you are entitled to a reimbursement.

Beginning July 1, 2023

Those who use a traditional insulin pump covered under Medicare Part B’s durable medical equipment benefit will have a $35 cap on the cost of a month’s supply of Part Bcovered insulin. The Part B deductible will no longer apply.

More benefits

People with Medicare Part D drug coverage will now pay zero out-of-pocket for their shingles vaccine.

According to CMS.gov, “As part of the Inflation Reduction Act, for the first time ever, drug companies will pay rebates to Medicare when their prescription drug prices increase faster than the rate of inflation.” Over the next few years, additional benefits will be rolled out that will help keep health care costs down for Americans due to the 2023 Inflation Reduction Act.

Do you have questions on life, health, Medicare Advantage Plans, or Medicare Supplements? Call or email me to set up an appointment. I will help you find a plan that works for you. Email me at Lmutsko@mutskoinsurance.com or call 440-255-5700.

Laura Mutsko Mutsko Insurance Services, LLC

6982 Spinach Drive Mentor, OH 44060 440-255-5700 www.mutskoinsurance.com We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.