What to expect in 2023 Hi, and welcome back! We hope that any stress or uncertainty you may have about Medicare is starting to lift. Today we're talking about: - what's new in 2023
- important dates to know
- initial enrollment versus general enrollment versus annual/open enrollment
What's new in 2023? While the basics of Medicare plans and enrollment typically stay the same, each year brings new changes that can be difficult to keep track of. These are the biggest changes coming to Medicare in 2023: - There's a new cap for insulin costs: Get more details here.
- Premiums for parts A and B are going down a little.
- Hospitalization costs are going up a little.
- Coverage for people with kidney transplants has been expanded: Get more details here.
- There's a new start date for coverage: Beginning Jan. 1, 2023, your coverage starts the first day of the month after you sign up when you sign up for Medicare:
- in the month you turn 65 years old
- during the last 3 months of your initial enrollment period
- during the feneral enrollment period
Grab your calendar: Dates you need to know There are strict rules around when you can enroll in — or make changes to — a Medicare plan. In fact, Medicare charges a late enrollment penalty for Medicare Part A, Medicare Part B, and Medicare Part D. In most cases, these penalties are permanent, meaning you'll owe an additional amount each month for as long as you're enrolled in Medicare. Understanding Medicare's deadlines and applying on time can help you avoid paying more than you need to. Here are enrollment periods to mark on your calendar.  Initial enrollment This is the time that most new enrollees sign up for Medicare. Initial enrollment is a 7-month enrollment period surrounding your 65th birthday. The initial enrollment period starts 3 months before your birth month and extends through the 3 months following your birth month.  General enrollment (Jan. 1 – Mar. 31) If you miss your initial enrollment period — or you want to switch plans — you can do so during general enrollment, which takes place during the first 3 months of each year. Annual enrollment, aka open enrollment (Oct. 15 – Dec. 7) During annual enrollment (which, confusingly, is also called open enrollment), anyone who already has Medicare can make changes to their coverage for the upcoming year. These changes take effect on Jan. 1 of the following year. Medicare supplement — aka Medigap — open enrollment The best time to enroll in Medigap is during the 6-month period that starts the day you turn 65 years old. Search for and learn more about plans here.  One thing you can do today Decide which enrollment period applies to you and set a reminder or mark your calendar so you can sign up before the period ends. Tomorrow, we'll have tips for figuring out what kind of coverage you actually need. Check back — you won't want to miss it! Until next time,
The Healthline Team | 
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