Insurance

Good news for July, Happy Independence Day! – InsuranceNewsNet

Many low-income pensioners who received Medical are shocked to learn that once they hit 65, a different set of qualifying rules apply, and it now becomes a personal expense.

For people under 65, the only criteria for assistance are income-based. Assets, such as your savings, investments, assets, etc. are not counted. Once you reach 65, assets are scrutinized and many lose their eligibility for assistance. The support limit was available if your assets of $2,000 for individuals and $3,000 for the couples were not higher, excluding all but the very poor.

All of that is about to change. Effective Friday, the asset limit will be increased to $130,000, essentially removing that roadblock for most people. A house and a car will continue to be exempt. Beginning January 2024it’s gone completely.

FTCDOJ urged to investigate blood thinner price hikes

Sen. Amy Klobuchar (D-MN) and Rep. Katie Porter (D-CA) sent a letter calling on the justice department and the Federal Trade Commission to investigate whether Johnson & Johnson (Xarello) and Bristol Myers Squibb (Eliquis) illegally coordinated price increases for anticoagulants whose prices have more than doubled since they were introduced.

“The prices of these two competing products have risen every year since they entered the market at a rate well in excess of inflation, with no significant drug improvements or apparent increases in production costs,” the lawmakers wrote.

In related news, CVS Caremark, the Prescription Benefits Manager (PBM), will return Eliquis to its Medicare formulary due to public outcry over the abandonment of many Medicare prescription plans. I’ve heard that it’s possible that one or both of these drugs will have a much reduced copayment once the 2023 Medicare Advantage plans are finalized. The recommendations are expected to be submitted to regulators in July.

Speaking of next year, I hope to announce in October that several plans will have lower costs on certain insulin medications.

Harry P. Thal, the health insurance guru in Kernville, is available for free phone consultations. Call for a phone appointment at 760-376-2100 or 800-498-8425, or email [email protected].