A recent report from the Centers for Medicare and Medicaid Services (CMS) predicted that the average growth in national health expenditures would outpace average gross domestic product (GDP) growth from 2022 to 2031, at 5.4% and 4.6%,respectively. Per person spending is also expected to increase to an annual rate of 4.8% from 2022 to 2031. This is above pre-COVID-19-pandemic growth rates for per person spending, which averaged 3.9% per capita between 2014 and 2019. CMS anticipated that the growth in national and per person health care spending would contribute to an increase in the health care spending share of the GDP.
Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable.
Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2023 — the start date of the annual enrollment period for Medicare Part D. CMS has provided model disclosure notices for employers to use.
While most Americans have heard of Medicare as one of many health care coverage options, they may not know how it differs from other privately offered options, such as Medicare Advantage. This article explains the differences of Original Medicare vs. Medicare Advantage, including the various doctors one can seek care from, the differences in cost and the range of coverage between plans. While this article provides a useful comparison when choosing a health care plan, each person should ultimately choose a plan that best fits their individual health care needs.
A recent report by the American Association of Retired Persons (AARP) found the top 25 prescription drugs have tripled in price that Medicare Part D spends the most on. The 25 drugs analyzed in the report represent a significant portion of overall Medicare spending. In fact, the AARP report found that Medicare spent nearly $81 billion on these 25 prescription medications in 2021, more than 37% of total Medicare spending that year. These drugs are taken by more than 10 million Americans enrolled in a Medicare Part D prescription drug plan. Furthermore, the AARP report found that the price increases for all but one of these medications greatly surpassed the annual rate of inflation.
This overview summarizes Key HSA Features – 2024 Compliance. Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under an HDHP until their deductible has been met, or they can use their HSAs to pay for qualified medical expenses that are not covered under the HDHP, such as dental or vision expenses.