More than two-thirds of Medicare beneficiaries have multiple chronic conditions, such as cancer, diabetes, heart disease, kidney disease and lung disease.
Although original Medicare and private Medicare Advantage plans provide coverage for these conditions, some plans now offer additional benefits. And special needs plans (SNPs) designed for Medicare Advantage enrollees with chronic conditions are growing in number.
Open enrollment runs Oct. 15 to Dec. 7, so that’s a good time to assess your medical and drug coverage needs. If you have a chronic condition, consider these options.
Savings for patients who need insulin
The opportunity: One in every 3 Medicare beneficiaries has diabetes, and 3.3 million beneficiaries use one or more types of insulin, according to the Centers for Medicare and Medicaid Services (CMS). The Inflation Reduction Act capped Part D and Medicare Advantage copays for insulin at $35 a month as of Jan. 1, 2023. For insulin through an external pump, which Part B covers, the cap took effect July 1, 2023.
The caveat: Not every prescription drug plan covers every insulin, so make sure your plan covers the type you take. Use the Medicare Plan Finder to see which plans cover your insulin, and compare the costs for all of your medications when choosing a Part D plan or Medicare Advantage plan with drug coverage.
The timing of the Inflation Reduction Act, signed in August 2022, made finding that information more complicated for 2023 plans, but the problem was resolved for 2024 plans.