Medicare’s prescription drug coverage will be transformed by provisions in the Inflation Reduction Act of 2022, which, for the first time, allow the program to negotiate prices of some medications with drug manufacturers, cap out-of-pocket costs for beneficiaries, and provide free vaccinations for Medicare enrollees.
With inflation putting a strain on many people’s wallets, an alternative Medicare plan might help reduce costs. Changing plans may also be necessary if your location or medical requirements change.
Financial myths can harm your retirement planning, and we have all heard at least some of them. The best example of a financial myth is Social Security won’t be here when I retire or the fact that you will continue to work forever. These myths can seriously hurt your financial stability.
In 2023, many Medicare seniors will pay less for their coverage, but this is not the whole picture. There are two major Medicare components affected by the recent premium news.
Are you prepared to file for Social Security? Ensure you can answer these questions before proceeding.