After one of the largest Part B insurance premium increase ever, Medicare is now considering reducing the premiums down. This is in large part the result of Biogen announcing it would slash the price of its expensive, and controversial, new Alzheimer’s treatment, Aduhelm.
While a 5.9% cost of living increase for 2022 felt great initially, Medicare Beneficiaries found out their Medicare Part B premium for 2022 was going up by more than 14% from their 2021 rate. Somehow this math does not compute with each other.
Medicare stated the reason for such a large increase was due to the cost of Aduhelm being the primary factor. This was their attempt to spread the overall cost to all Medicare Beneficiaries.
Aduhelm is administered by a Doctor, as an intravenous (IV) infusion over approximately one hour every four weeks. As a result, this drug would fall under your Part B coverage and not your Part D prescription drug coverage.
Initially, the drug was projected to cost around $56,000 each year per Medicare Beneficiary, though Biogen later announced the price would be reduced to $28,200.
Due to this substantial drop in overall drug cost which was equal to a 50% cost reduction, CMS is now being pressured by congress to reevaluate its recommendation of the Part B premium.
Based on the 50% drop in drug cost, it is feasible that we could see a revised Part B premium for 2022 being reduced to $159. This would produce a monthly savings of about $12 a month.
When you are on a fixed budget every penny counts. While we do need these important drugs to help prolong our quality of life, the US has some of the highest drug costs among most nations.
Medicare insurance companies have seen record profits along with pharmaceutical drug makers. While we are all for companies making a profit, we are not for companies taking advantage of our people.
The increase in the Medicare Part B premium for 2022 is just one example that shows us just how fast inflation can impact our wallets. This is just one area where our costs have increased. This increase does not even deal with the increase everyone has also faced related to gas to warm our homes, fuel to drive our cars, food, and clothing.
We are hoping further actions are taken to dramatically reduce the prescription drug cost in America.
Today we are dealing with Medicare Part B premium for 2022, next year we will be reviewing and staying on top of 2023 Medicare premiums. Our clients know we are their primary source for anything Medicare.
Medicare Beneficiaries who have opted to have the freedom to see any doctor and medical facilities throughout the US, also face annual increases from their Medigap plans and Part D monthly premiums.
The last thing we want is for our seniors to be priced out of their health insurance and forced to take a Medicare plan that does not meet their medical needs. Each person has different medical needs and we as Americans need to help fight for our rights we earned.
Integrity Now Insurance Brokers is your Medicare Insurance Agency Expert. If you are new to Medicare and in need of help with obtaining a Medicare Advantage, Medicare Supplement, or Part D prescription drug coverage reach out to one of our Medicare Insurance Agents. We have the experience you need and are looking for.
Our office which is centrally located in Long Beach, CA helps Medicare Beneficiaries throughout California, Nevada, Arizona, Texas and more. Contact Us Today and Compare Medicare Quotes!