CMS Announces Reduced Premiums, Improved Insulin Benefits for Medicare Beneficiaries

The Centers for Medicare & Medicaid Services (CMS) announced recently that 2021 Medicare enrollment period has officially begun and beneficiaries will have added benefits in the form of new resources, reduced premium options, and improved insulin benefits.

“More than 60 million people with Medicare can review health and drug plans, and make changes to their health care coverage for next year, based on their financial and medical needs, from the comfort of their homes,” said CMS in a press release.

CMS Administrator Seema Verma explained that there are more plans than ever to choose from with many new benefits and historically low plan premiums. Further, hundreds of health care plans are now offering $35 monthly copays for insulin.

During open enrollment, CMS is urging all beneficiaries to reexamine their plans and coverage choices to decide what is best for their financial situation and health needs. A newly designed Medicare Plan Finder platform was designed to simplify the process including resources to:

• “Compare pricing between Original Medicare, Medicare prescription drug plans, Medicare Advantage plans, and Medicare Supplement Insurance (Medigap) policies;
• Compare coverage options on their smartphones and tablets;
• Compare up to three drug plans or three Medicare Advantage plans side-by-side;
• Get plan costs and benefits, including which Medicare Advantage plans offer extra benefits;
• Build a personal drug list and find Medicare Part D prescription drug coverage that best meets their needs.”

In addition, the press release stated: “As part of this year’s open enrollment, CMS also reminds people with Medicare to get their flu shot, beware of open enrollment scams, and seek virtual assistance if they need it to enroll in a plan amid the coronavirus disease 2019 (COVID-19) pandemic.” —Edan Stanley