October 2022 Newsletter
Friends,
Question: What’s the best time on a clock?
Answer: 6:30. Hands Down
Friends,
The Annual Election Period (AEP) is upon us from October 15 to December 7.
During this time you can changes plans for next year if you like. You will be getting a letter on blue paper from me to remind you of your choices.
However, most plans are about the same and some are a little better, so I don’t anticipate a lot of changes.
There are changes in how I’m allowed to sell starting today. I must record all marketing calls and enrollment calls and save the records for 10 years. So I anticipate being on the phone and doing less on the road this year. I also stopped doing seminars and will hold Tuesday morning open house instead.
And there is more good news on drug prices coming down because of the Inflation Reduction Act. More on that in the What’s New section to follow..
Kind Regards,
Michael Antonini
What’s New
Premiums and deductibles. The 2023 Medicare Part B premium will be $164.90, down $5.20 from this year. The 2023 Part B Deductible will be $226, down $7 from this year. The Medicare A annual deductible for 2023 is $1,600.
COLA: On 9-13 August inflation numbers were announced at 8.3% which drove the market down 4% in one day and keeps us on track for a high COLA in 2023. On October 13 at 8:30 a.m., the September numbers will be announced and the COLA for 2023 will be known. I believe my prediction last month is on track.
Medicare drug prices will fall. Many plans in 2023 will have some insulins capped at $35 co-pay and in 2024 more changes and lower costs begin to phase in. Learn more here in this article: https://www.nerdwallet.com/article/insurance/medicare/inflation-reduction-act-medicare
Disclaimer and Call Recording. CMS has added rules for agents to post a disclaimer on their website that we don’t represent all companies. Why? Some companies like Envision/Elixir no longer use agents. I’m actually licensed and appointed with every company in Connecticut that allows agents. Also, agents must record marketing calls and enrollment calls. My Medicare Center call recording phone number is (516) 928-4952 for marketing and enrollment calls.
Life Expectancy. Very sad news recently for the second year in a row. Life expectancy at birth in the United States declined nearly a year from 2020 to 2021, according to new provisional data from the CDC’s National Center for Health Statistics (NCHS). That decline – 77.0 to 76.1 years – took U.S. life expectancy at birth to its lowest level since 1996. The 0.9 year drop in life expectancy in 2021, along with a 1.8 year drop in 2020, was the biggest two-year decline in life expectancy since 1921-1923. And it’s worse for Native Americans. Here are some articles about life expectancy:
https://www.cdc.gov/nchs/pressroom/nchs_press_releases/2022/20220831.htm
https://www.columbian.com/news/2022/sep/14/study-shows-life-expectancy-among-native-populations-plummeted-between-2019-and-2021/
https://www.cdc.gov/nchs/data/hus/2020-2021/LExpMort.pdf (historical data)
Ask The Expert: Steven Covey
Steven Covey
Author, Life Coach
The 7 Habits of Highly Effective People is one of my favorite books and it doesn’t get old.
Click here for the book summary and enjoy the graphic below of the 7 habits:
Important Dates
Happy October Birthdays!
10/15 to 12/7 Annual Election Period
10/31 Happy Halloween!
All the Best,
Michael