Inflation Reduction Act contains ‘unprecedented’ health care provisions
In August, which made major changes to Medicare as well as extended the enhanced tax credits that enable Americans to buy health insurance through the Affordable Care Act exchanges. Those enhanced tax credits were due to expire at the end of 2022,
The bill also gave Medicare the ability to negotiate prescription drug prices, established a $2,000 cap on Part D out-of-pocket spending in 2025, and limits monthly cost sharing for insulin products to $35 for people with Medicare.
Long term care crisis ‘sneaking up on most Americans’
Medicare Advantage set to grab half the market, even as scrutiny tightens
Not only are in 2022, two companies will be responsible for nearly half of those enrollments: UnitedHealth Group and Humana.
MA plans and providers have been accused of fraud for overbilling the system, usually through upcoding, or the practice of finding a more lucrative designation for a patient’s conditions. That is because the system pays per patient, rather than for services – and the sicker the enrollee, the higher the reimbursement.
While MA plans are becoming more popular, some House Democrats want to distinguish Medicare from Medicare Advantage – specifically, they want MA to drop Medicare from the name and be called Alternative Private Health Plans. The Save Medicare Act was introduced in October by Reps. Mark Pocan, D-Wisc., and Ro Khanna, D-Calif., who say Medicare should be expanded to include the extra benefits, rather than paying private companies to handle them.
Alternative funding strategies for long-term care
Long-term care is a reality that everyone will eventually confront—either for themselves, a loved one, or both. But it is an expensive proposition that too few people are prepared for— or understand.
Unfortunately, most people don’t think about how they will pay for care until they are confronted by a serious health situation for themselves or a loved one. Long-term care is a topic people avoid until they are thrown into a crisis situation for which most are completely unprepared. The worst time to start planning is in the midst of a crisis because the options to pay for care can be complicated and take time to access.
The key to successfully navigating any long-term care situation is and understand the differences between what will be covered by Medicare, Medicaid, or Private Pay. Planning as far in advance as possible is best, but there are also a number of funding options available that advisors can use to can help people address a sudden and immediate need for care.
Medicare 2023: What agents, clients need to know
As the 2023 open enrollment period for Medicare approached, advisors and their clients over previous years.
Among those changes: the coverage gap continues to get smaller, an increase in the number of disclosures agents must provide to clients, and a requirement that marketing and enrollment calls must be recorded.
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