Medicare’s Annual Enrollment Period has begun and we’ve got some great news for FL Seniors: Save on 2023 Medicare Premiums!
FL Seniors Save On 2023 Medicare Premiums
For the first time in over ten years, Florida seniors will see lower premiums and subsidies on their Medicare Part B and Medicare Advantage plans. The long-awaited price decrease will save Florida Medicare recipients about $5.20 a month on premiums for Medicare-related doctor’s services, outpatient hospital services, and certain home health services. Usually, the charge is deducted from Social Security payments. Seniors will pay premiums whether they are on Original Medicare or Medicare Advantage plans.
How Much Are FL Seniors Saving On Medicare Premiums?
We are so happy that FL seniors will be able to save on 2023 Medicare premiums! The standard monthly premium for Medicare Part B will drop from $170.10 (2022) to $164.90 for 2023. Recipients with higher incomes will pay more than the average due to the income-related adjustment amounts. Medicare recipients will also see a drop in their annual deductible, which will be $226 in 2023, a $7 decrease from the annual 2022 deductible of $233.
“For Florida’s seniors, any little bit of cost savings helps,” said Evan Tunis with Florida Healthcare Insurance in Coral Springs. (Read more about what he has to say to the Sun-Sentinel Newspaper here)
Medicare’s Annual Enrollment Period Has Begun
Fall enrollment for Medicare is already underway, running from October 15th to December 7th. This is the time when you can either add or change Medicare Advantage plans or your Part D prescription drug plan. With Medicare, you can select Original Medicare to pay for doctors and add a drug plan to pay for prescription medications. A Medicare Advantage Plan is an all-in-one service that includes drug coverage and often extra benefits.
The Medicare AEP allows you to switch between those two options.
Anyone already in a Medicare plan will get information this month on changes to coverage for 2023. The changes could be adjustments to your monthly premium, co-pays, deductible, coinsurance or maximum out-of-pocket limit, or changes to drug coverage.
You are not required to do anything during open enrollment if you want your 2022 coverage to continue into 2023. However, we suggest speaking with one of our expert agents who can go over all of your options you may have.
More Florida Plans, Carriers, and Options — Oh My!
Florida has 4.86 million people enrolled in Medicare, making it the second-highest enrolled state. Because of that, Florida has attracted even more Medicare Advantage plans. In 2023 there will be 44 more plans available in the state than last year!
“This year there are more carriers with more options,” Tunis said. “Lots of plans look similar, so any plan you are considering, you need to do an evaluation of whether your doctors and hospitals are on it, and whether your medications are covered.” (Read More)
If you shop for Medicare Advantage plans in Florida, you may see extra benefits in 2023 like preventive and comprehensive dental benefits, access to meals, and more.
Medicare Advantage plans typically have an additional premium — and this year it should be slightly lower. The projected average premium for 2023 Medicare Advantage plans is $18 per month. This is a decline of nearly 8% from the 2022 average premium of $19.52.
Evan Tunis also notes that Florida’s snowbirds or people who travel will want to be cautious when choosing a Medicare Advantage plan that limits them to certain doctors. “You need a good PPO (Preferred Provider Organization) plan so if you travel your healthcare costs will be covered.”
Do I Need To Take Action Before 2023?
If you are already a Medicare recipient, you should have received information on what your changes will be in 2023. The great news is that with our agents at Florida Healthcare Insurance, we will take you step-by-step in your Medicare analysis. We ensure you not only understand your savings, but are content with your plan needs.
Medicare remains important to keeping Americans healthy and we know how time-consuming the Medicare process can be on an individual, but with our help, you can skip the shopping process and let us help you find the ideal Medicare plan that is right for you.
Don’t delay! Contact us here! We look forward to helping you today!