Horsey Insurance

PLEASE READ:

Clarification on the Inflation Reduction Act in regards to Medicare Rx plans. There was a $2000 cap put on Rx for seniors. As a part of this program, insurance companies will be required to cover 65% of medication costs above the $2000 threshold. This increased cost to insurance companies has caused a reduction of benefits to all Medicare recipients. Plus, insurance companies providing stand alone drug plans have announced that most plans will not be paying insurance agents for new plans, with one company (Wellcare) also saying they won’t be paying renewals on existing business. A small percentage of seniors go over $2000 of Rx expense on the existing plan. Reality is that the cap will only slightly help a small percentage of Medicare recipients, but literally every Medicare recipient will be taking reduction of benefits in 2025 and insurance agents will be losing a lot of money in renewal commissions (while still servicing those policies). Politicians brag about creating the cap, but reality is the plan has literally hurt everyone associated with Medicare Plans.