The Inflation Reduction Act (IRA), which cut costs on some insulins and Part D vaccinations in 2023, continues to roll out more money-saving changes to prescription drugs in 2024. Medicare’s Open Enrollment Period (Oct. 15 to Dec.7) is the ideal time to consider how the following changes may affect your choice of healthcare insurance plan.
• No coinsurance on prescription drugs for beneficiaries who fall into the catastrophic phase of Part D coverage.
• 6% limit on average premium increases across most Part D plans.
• Full financial help with cost-sharing and premiums may be possible for individuals who qualified for partial Extra Help in 2023 if they have limited assets and income less than 150% of the federal poverty level.
Hawaii SHIP’s local, certified counselors provide unbiased information in one-on-one sessions and will screen income and assets for people with low incomes. SHIP specialists help clients submit Medicaid and Extra Help financial assistance forms and compare Medicare Advantage, Part D, and Medigap plans on their behalf. Contact Hawaii SHIP to learn more.
Free, local, one-on-one Medicare counseling is provided by the Hawai‘i State Health Insurance Assistance Program.
250 South Hotel St., Ste. 406, Honolulu, HI 96813
Oahu: 808-586-7299 | Toll free: 888-875-9229