In the News
‘COVID EMERGENCY’ END MEANS CHANGES
Older Americans may pay for tests, vaccines
The Biden administration’s decision to end the federal COVID-19 emergency on May 11 could mean extra costs for older Americans as they protect themselves from the virus and treat infections.
“One of the more immediate changes that people will notice is that they may be required to pay for things they got for free under the public health emergency,” says Juliette Cubanski, a deputy director at the Kaiser Family Foundation (KFF). How much you pay will probably depend on the type of insurance you have, she says.
Here’s what to expect.
→ Paying for COVID vaccines. Medicare and Medicaid will fully cover vaccine costs, and most people with private insurance will also be covered, KFF says. Those without health insurance will have to pay for shots once the federal supply is depleted. Moderna says each shot could cost up to $100.
→ Testing will cost consumers. People with original Medicare will most likely need to pay out of pocket for at-home testing, Cubanski says, though tests ordered in a doctor’s office will still be fully covered. People with Medicare Advantage plans or private insurance may also have to pay for these over-the-counter tests.
→ Treatments may come with costs. Oral antiviral treatments such as Paxlovid that treat COVID will still be covered for beneficiaries in both traditional Medicare and Medicare Advantage plans that cover prescription drugs. But when the federal supply is depleted, cost sharing may kick in, according to KFF.
→ Other changes. A range of health care options will go away. For example: The three-day hospitalization requirement that Medicare patients had to meet before continued care at a skilled nursing facility will go back into effect when the emergency ends.
READ MORE about the latest on COVID-19 changes in this issue’s cover story “How the Pandemic Has Changed Our Lives”
MEDICARE DEADLINE TO SAVE ON INSULIN EXTENDED
WITHIN THE INFLATION Reduction Act passed last August was a provision that caps at $35 a month the out-of-pocket costs for Medicare enrollees who use certain insulins.
Recognizing that its website had not included critical information for people wanting to make a change by the end of December, the Centers for Medicare & Medicaid Services (CMS) has opened a one-time special enrollment period. Insulin users have through the end of 2023 to change their Medicare Part D drug plan to get the $35 copay cap.
Private insurance companies that offer Medicare Part D plans that cover insulin have until the end of this month to make sure beneficiaries are not charged any more than $35 a month.
Had the new $35 monthly copay cap for insulin been in effect in 2020, nearly 1.5 million older Americans would have saved an average of $500 that year, according to a government report.
CMS advises enrollees to consult the Medicare hotline (800-633-4227) or State Health Insurance Assistance Program (SHIP) counselors to help them find a Part D drug plan that best meets their needs.
States Cut Taxes on Retirement Income
NEW LAWS TOOK effect in four states this year that will lower or eliminate taxes on retirement income and, in two states, reduce or exempt tax on military pensions, according to the nonpartisan Tax Foundation.
As a result, 13 states now do not tax any retirement income, and some other states don’t tax most pension income.
Here’s a look at those states.
MOBILE TIP: For smaller screen sizes, pinch and zoom to enlarge map.
FDA Fast-Tracks Second Alzheimer’s Treatment
Leqembi—approved by the FDA
ANOTHER DRUG that has shown early promise in treating Alzheimer’s disease has been approved for treating some people with cognitive decline even as clinical trials continue.
The Food and Drug Administration said in January that lecanemab, sold under the brand name Leqembi by developers Eisai and Biogen, slowed decline in patients in the early stages of Alzheimer’s disease.
A similar drug, called Aduhelm (aducanumab), received accelerated approval in 2021. This fast-track process allows medications for serious conditions to come to market more quickly based on promising data, though additional studies are needed to confirm their usefulness.
The specific causes of Alzheimer’s, which afflicts more than 6 million Americans age 65-plus, are unknown, but the disease includes the accumulation of sticky clumps of protein, known as amyloid plaques, that disrupt brain cell function.
The FDA says data showed those in the early stages of Alzheimer’s disease who received lecanemab, which its makers say will cost $26,000 a year, had a “significant reduction in brain amyloid plaque.”
FALSE PAIN, NO GAIN.
PEOPLE HAVE “biased memory” when recalling past gym attendance, making them overconfident about future workouts, says a paper published by the National Bureau of Economic Research. It backs research that people are unaware of “self-control problems,” causing skipped exercise.