Medicare Waiting Period And Premium Changes Signal Good News For Seniors In 2023
Allsup highlights keys changes including shorter wait for Part B and lower costs for seniors approaching Medicare enrollment, plus value for older workers considering Medicare coverage
Belleville, Illinois – October 21, 2022 – The Social Security Administration (SSA) has announced changes in Medicare coverage that will benefit seniors enrolling for the first time, according to Allsup, a nationwide provider of disability representation, health insurance benefits and return to work services. Beginning Jan. 1, 2023, Medicare Part B will start the first day of the month after an individual signs up anytime during the last three months of their seven-month initial enrollment period (IEP). “This is a major benefit to seniors as it eliminates the two- to three-month waiting period that was in effect,” said Bethany Cissell, Allsup Benefits Coordination account manager and healthcare benefits expert.
“In the past, when a senior signed up for Medicare Part B during the last few months of their IEP, benefits did not begin right away,” Cissell explained. “That will change next year, and benefit coverage will be almost immediate.”
If a senior does not sign up for Medicare during their IEP, they may do so during the general enrollment period (GEP) between January and March. Historically, Medicare benefits would not begin until July 1 following the GEP. “This waiting period has also been lifted beginning in January 2023. Medicare coverage will begin the first day of the month following sign-up,” Cissell explained.
Medicare Premium Cuts
These enhancements to Medicare coverage come on the heels of the SSA announcing an 8.7% increase in Social Security and Social Security Disability Insurance (SSDI) benefits in 2023. At the same time, the Medicare Part B monthly premium will decrease in 2023 to $164.90 from $170.10 in 2022. (This may be higher depending on income.) The annual deductible will also decrease in 2023 to $226.00 from $233.00.
“These improvements to Medicare are another important reason for older workers to examine their health insurance options by comparing their employer health plan to Medicare,” Cissell said. “Increasingly, we see individuals looking for alternatives to reduce their healthcare costs and improve their financial footing leading up to retirement.”
Allsup Benefits Coordination provides valuable services to employers and their employees who are 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 the area of 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 select the best path for this stage of life,” Cissell explained.
For more information about Allsup Benefits Coordination service, call (866) 521-7655 or email email@example.com.
Allsup and its subsidiaries provide nationwide Social Security disability, veterans disability appeal, return to work, and healthcare benefits services for individuals, their employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Illinois, near St. Louis. Learn more at Allsupllc.com and @Allsup.