Medicare Waiting Period And Premium Changes Signal Good

Belleville, Illinois, Oct. 21, 2022 (GLOBE NEWSWIRE) — 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,”…