Prices for a record number of prescription drugs increased in 2022 according to data reported by the American Association for Medicare Supplement Insurance (AAMSI).
“Most drug plans renew once a year in January at which time they can charge more for various medications,” explains Jesse Slome, director of the Medicare-focused organization. “Many price increases are nominal but some can be very significant so it is vital to check now.”
Slome was sharing the importance of comparing Medicare drug plans with a group of seniors that have stand-alone Medicare Part D coverage. “Medicare gives every senior the chance to review their coverage for next year and switch to the best plan based on the drugs they take,” Slome explains.
In January 2022 some 3,239 drugs experienced price increases. That was a increase over the 3,164 for the prior year and 2,394 for 2019. “The average drug price increase was 10% last year,” Slome explains. “With prices increasing for so many things, I would expect prices will increase more for 2023.”
A free online drug plan comparison tool is made available by the American Association for Medicare Supplement Insurance. “No personal information is entered other than a Zip Code,” Slome adds. “The system will compare over 4,700 plans to find the best one in your area.”
Access to the Medicare drug plan comparison tool can be accessed on the Association’s website at https://www.medicaresupp.org/best-medicare-drug-plans-2023/.
The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. Visit their website for more information at https://medicaresupp.org.
American Association for Medicare Supplement Insurance Jesse R. Slome 818-597-3205 https://www.medicaresupp.org
Older seniors across Canada face higher financial pressures. As they age, seniors tend to have lower incomes and often face higher health-related expenses, all while they are more likely to be unable to work, have disabilities or be widowed.
August 13, 2021 Gatineau, Quebec Employment and Social Development CanadaOlder seniors across Canada face higher financial pressures. As they age, seniors tend to have lower incomes and often face higher health-related expenses, all while they are more likely to be unable to work, have disabilities or be widowed.
Today, the Minister of Seniors, Deb Schulte, highlighted that older seniors who were eligible for the Old Age Security (OAS) pension in June 2021 and born on or before June 30, 1947, will receive a taxable, one-time payment of $500 next week, without needing to apply. Older seniors who live in Canada or receive their pension payment by direct deposit will automatically receive the payment next week. Delays can be expected for cheques mailed outside of Canada.
This one-time payment will provide immediate support before the OAS pension is increased by 10% for seniors aged 75 and over beginning in July 2022. The 10% increase will provide an extra $766 to full pensioners over the first year and will be the first permanent increase to the OAS pension since 1973, other than adjustments due to inflation.
These measures are part of broader work to support seniors’ financial security, including: restoring the age of eligibility for the OAS pension and the Guaranteed Income Supplement (GIS) to 65 from 67; strengthening the Canada Pension Plan for future retirees; increasing the GIS for single seniors; raising the GIS earnings exemption; and reducing income taxes for all Canadians.
For media enquiries, please contact:Daniel Pollak
Office of the Minister of Seniors
Media Relations Office
Employment and Social Development Canada
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The 11,000 Americans turning 65 every day face multiple choices regarding their Medicare coverage. Those considering Medicare Supplement insurance in 2021 have an average of 20 different insurance companies to choose from.
“Choice is great but it can also be overwhelming,” explains Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI). “Picking the best Medicare option today can be daunting. There are so many variables that literally can vary from one Zip Code to the next.”
The Association gathered data regarding the number of Medicare Supplement insurance (Medigap) companies offering Plan G policies in major metropolitan areas across the U.S. Plan G is the most popular Medigap plan choice among individuals turning 65 and first eligible for Medicare.
The fewest options (five) were available in Manhattan. “In many metro areas like Atlanta, Chicago, Houston, Philadelphia and Phoenix, consumers had plans available from 20 or more different insurers. When we balanced out our examination, 20 insurance company choices was the average available.”
While policy provisions from the various insurers tend to be uniform as mandated by government regulations, pricing is another matter. The Association’s 2021 Medicare Supplement insurance Price Index revealed significant pricing differences for Medigap Plan G offerings. “For example, a male turning 65 in Chicago could pay as little as $127-monthly or as much as $257 depending on which insurance company they pick.”
The Association offers an online directory listing Medicare insurance agents. The only independent, third party resource is free to use and completely private access for consumers to use. For more information visit the organization’s website at www.medicaresupp.org.
Ottawa, Ontario – Agriculture and Agri-Food Canada
Today, the Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, and the Member of Parliament for Châteauguay—Lacolle, Brenda Shanahan held a roundtable meeting with many seniors groups from across the Montérégie to discuss Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience and the Government of Canada’s proposed investment of $90 million over three years to launch the Age Well at Home initiative.
There are around 271,000 seniors aged 65 and over who live in the Montérégie. Seniors in the Montérégie and across Canada want to live independently for as long as possible, so they can stay in their homes and communities. The new Age Well at Home initiative would fund proven services by community groups that help seniors live at home.
The Age Well at Home initiative will provide practical services such as matching seniors with volunteers who can help with meal preparations, home maintenance, daily errands, yard work, and transportation. It will help seniors access local services such as shoveling snow, cutting grass, preparing meals, picking up medicine, cleaning homes and taking care of other practical, non-medical tasks that they are no longer able to manage.
The Age Well at Home initiative will support low-income and vulnerable seniors who are unable to draw on other sources of support, such as paid services or family and friends.
Budget 2021 is a plan to bridge Canadians and Canadian businesses through the crisis and towards a robust recovery. It proposes a number of important new measures to support seniors.
The Government of Canada is also proposing to provide a one-time payment of $500 payment in August 2021 to Old Age Security (OAS) pensioners who will be 75 or over as of June 2022. The government is then proposing to introduce legislation to increase regular OAS payments for pensioners 75 and over by 10 per cent on an ongoing basis as of July 2022. This would increase the benefits for approximately 3.3 million seniors in Montérégie and across Canada, providing additional benefits of $766 to full pensioners in the first year. As seniors age, their health and home care costs rise, all while they are more likely to be unable to work, have disabilities or be widowed. This proposed increase would strengthen Canadians’ financial security and peace of mind later in life. This would be the first permanent increase to the Old Age Security pension since 1973, other than adjustments due to inflation.
The Government of Canada is also proposing to provide $3 billion over five years, starting in 2022-23, to Health Canada to support provinces and territories in ensuring standards for long-term care are applied and permanent changes are made. The federal government will work collaboratively with provinces and territorities, while respecting their jurisdiction over health care, including long-term care. This work would ensure seniors live in safe and dignified conditions.
Canada entered the pandemic in a strong fiscal position. This allowed the government to take quick and decisive action, supporting people and businesses, and put it in the position to make historic investments in the recovery.
“Over the course of their lives, our seniors have contributed so much to building our communities. We are here to listen and to make their lives better. Our recent federal budget outlines many landmark investments that would raise the quality of life for seniors in the Montérégie and across Canada. We are here to support the region’s seniors so that they can live in dignity and at home as long as possible”
– The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food
“The COVID-19 pandemic has been hard on seniors and shown us the importance of providing ample community support to better their quality of life. The new Age Well at Home initiative would be a big boost to community groups who are helping seniors live happily, independently, and in dignity.”
– Brenda Shanahan, Member of Parliament for Châteauguay—Lacolle
Office of the Minister of Agriculture and Agri-Food