Medicare Insurance Market Disruption

Medicare insurance market disruption is causing changes in coverage and premiums for Medicare Part D and Advantage plans. The Inflation Reduction Act introduced a $2,000 out-of-pocket maximum for Medicare Part D, but the government did not provide funding to support this change. As a result, insurance companies are increasing premiums and changing formularies, affecting drug coverage and costs for beneficiaries. To navigate these changes, Medicare beneficiaries should create a Medicare.gov account to access their claims history, shop for plans, and compare coverage and costs. Insurance agents and advisors can help beneficiaries understand these changes and make informed decisions about their Medicare coverage.