Veterans life insurance

Medicare waiting period and premium changes spell good news for seniors in 2023 – InsuranceNewsNet

Belleville, Ill., October 21, 2022 (GLOBE NEWSWIRE) — The Social Security Administration (SSA) announced changes to Medicare coverage that will benefit seniors enrolling for the first time, according to Allsup, a national provider of disability representation, health insurance benefits and return to work services. Beginning January 1, 2023Medicare Part B will begin on the first day of the month after a person enrolls at any time during the last three months of their seven-month term. initial registration period (IEP). “This is a major benefit for seniors because it eliminates the two to three month waiting period that was in place,” said Bethany CissellAllsup Benefits Coordination account manager and expert in health insurance.

“In the past, when a senior signed up for Medicare Part B in the last few months of their IEP, benefits didn’t start right away,” Cissell explained. “That will change next year, and benefit coverage will be almost immediate.”

If a senior does not enroll in Medicare during their IEP, they can do so during the General Enrollment Period (GEP) between January and March. Historically, Medicare benefits would not begin until July, 1st following the GEP. “This waiting period was also lifted from January 2023. Medicare coverage will begin on the first day of the month following enrollment,” Cissell explained.

Reductions in health insurance premiums

These improvements to Medicare coverage follow the SSA’s announcement of an 8.7% increase in Social Security and Social Security Disability Insurance (SSDI) in 2023. At the same time, the monthly Medicare Part B premium will decrease in 2023 to $164.90 of $170.10 in 2022. (This may be higher based on income.) The annual deductible will also decrease in 2023 to $226.00 of $233.00.

“These improvements to Medicare are another important reason for older workers to consider their health insurance options when comparing their employer’s health plan to Medicare,” Cissell said. “Increasingly, we are seeing individuals looking for alternatives to reduce their health care costs and improve their financial situation before retirement.”

Allsup Benefits Coordination provides valuable services to employers and their employees transitioning from private group health insurance plans to other options, including Medicare, exchange plans, or COBRA. “Our trained and licensed healthcare benefit specialists are experts in healthcare plan provisions and complex federal and state regulations. We guide employees so they can make informed decisions based on their age, income, family size and other important factors. We help them choose the best path for this stage of life,” Cissell explained.

For more information about Allsup Benefits Coordination, call (866) 521-7655 or email [email protected].

ABOUT ALLSUP

Allsup and its subsidiaries provide nationwide Social Security disability, veterans disability appeal, return to work, and health care benefits services for individuals, their employers, and their insurers. Allsup professionals provide specialized services to help people with disabilities and seniors so they can live as financially secure and healthy lives as possible. Founded in 1984, the company is based in Belleville, Ill.near Saint Louis. Learn more about Allsupllc.com and @Allsup.

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Rebecca Ray
Allsup
(618) 236-5065
[email protected]

Samantha Fernandez
Pinkston
(703) 946-0326
[email protected]

Source: Allup