America's Benefit Specialist December 2022

MEDICARE MATTERS

The Cigna True Choice Medicare (PPO) plan also includes prescription drug cover age. While the Cigna True Choice Courage Medicare (PPO) plan does not include drug coverage, it has benefits that may appeal to U.S. military veterans, including a monthly $50 rebate on Medicare Part B premiums and a $300 annual allowance for people with certain chronic conditions to use for caring for a pet. Cigna also offers stand-alone prescription drug plans all across New York. For more details, visit www.CignaMedicare.com. BLUE CROSS AND BLUE SHIELD OF TEXAS OFFERING MEDICARE ADVANTAGE PLANS IN 38 NEW COUNTIES FOR 2023 Blue Cross and Blue Shield of Texas (BCB STX) will now offer healthcare coverage options for Medicare-eligible individuals in 38 new counties, as well as add multiple lower-cost plans in 2023. plans, including four plans with increases exceeding $10. Beginning in 2023, under a provision in the Inflation Reduction Act (IRA), Part D enrollees will pay no more than $35 per month for covered insulin products in all Part D plans, and will pay no cost sharing for adult vaccines covered under Part D. Also, beginning in 2023, drug manufac turers will be required to pay rebates for drug prices that rise faster than the rate of inflation, which could help to dampen cost increases for Part D enrollees. The new law also caps enrollees’ out-of pocket drug spending under Part D, as of 2024, and requires Medicare to negotiate prices for some drugs, with negotiated prices first available for some Part D drugs in 2026.

services when visiting an in-network provider • a dental allowance to be used for pre ventive and comprehensive non-cos metic services at any licensed dentist who accepts Medicare • hearing and vision benefits • a fitness benefit, including a fitness tracker • meal delivery following a hospital dis charge • a caregiver support program that pro vides resources and assistance to help ease the strain of managing care • an allowance for certain over-the counter health-related purchases • the Healthy Today flex card, which prescription drug plans that will be offered in 2023 is rising by five percent to 801 plans. Fifteen firms offer the plans, the lowest number in any year since Part D started. The estimated average monthly premium for Medicare Part D stand-alone drug plans is projected to be $43 in 2023, based on cur rent enrollment, a 10% increase from $39 in 2022. This rate of increase outpaces both inflation and the Social Security cost-of-liv ing adjustment for 2023. In the stand-alone drug plan market, more than eight out of 10 enrollees next year are projected to be in stand-alone plans operated by just four firms: CVS Health, Centene, UnitedHealth and Humana. Average monthly premiums for the 16 national stand-alone drug plans available in 2023 are projected to range from $6 to $111. Premiums are rising for 12 of the 16 can be used at participating retailers to redeem benefits and incentives, such as wellness incentives and OTC dollars

CIGNA INTRODUCES MEDICARE ADVANTAGE PLANS IN NEW YORK AREA Cigna is offering Medicare Advantage plans for the first time in New York state, includ ing New York City’s five boroughs. Choices include plans with $0 premiums and attractive extra benefits. These plans will be available to Medicare-eligible customers during Medicare’s Annual Election Period and will be effective January 1, 2023. Cigna MA plans are now available in Bronx, Kings, New York, Queens, Rich mond, Nassau, Dutchess, Orange, Putnam and Rockland counties. In all of these areas, Cigna is offering the Cigna True Choice Medicare (PPO) plan and the Cig na True Choice Courage Medicare (PPO) plan. Both plans include: • $0 copay for in-person and virtual primary care and behavioral health The average Medicare beneficiary can choose from plans offered by nine firms in 2023, the same number as in 2022. Even so, Medicare Advantage enrollment is concen trated in plans operated by UnitedHealth care and Humana, which together account for 46% of Medicare Advantage enrollment in 2022. Two-thirds (66%) of Medicare Advantage plans do not charge an additional premium beyond Medicare’s standard Part B premi um, up from 59% in 2022. In 2023, nearly all plans (97% or more) offer some vision, fitness, telehealth, hearing or dental benefits, though the scope of coverage for these services varies. The average Medicare beneficiary has a choice of 24 stand-alone Part D drug plans for 2023, one more than in 2022. The total number of Medicare Part D stand-alone PLAN NEWS

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