Surprising to many is the fact that as early as 3 weeks after the annual enrollment period ends on December 7, insurance companies can change what they charge for their drugs and can do it repeatedly. However, no matter how high the prices go, a member cannot change plans after Jan. 1. Medicare officials acknowledge this problem but have yet to address it.
One form of relief that was signed into law this year is the Inflation Reduction Act of 2022. This will cap the amount a person pays for prescription drugs to no more than $2000. However, this change will not go into effect until 2025.
Still feeling confused about how all of this works? It’s important to figure it out because the bottom line can affect your bottom line. Local brokers like Stacey Johnson at Your Insurance Gal Agency can help to sort out all the moving parts and make sure all your medications are covered in the best way possible, help you delay or avoid the donut hole and make all the difference in how much money you get to keep in your wallet.
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