2020 has been an unprecedented year, and many have been wondering how the pandemic and economic issues would impact Medicare costs in 2021.

People can now stop wondering. CMS has announced the Medicare cost increases for 2021.

Medicare has announced the Low Income Subsidy (LIS) resource limits for 2021. Also called Extra Help, this program provides financial assistance with Medicare prescription drug costs. 

Big changes will impact costs for Medicare enrollees with diabetes next year. Roughly 1,635 Medicare plans will be participating in the Senior Savings Program. Starting January 1, 2021, beneficiaries who enroll in one of these plans will have a maximum copay of $35 for a 30-day supply of insulin.

People receiving Social Security will get a small raise next year. The cost-of-living adjustment (COLA) for 2021 has been announced, and it will be 1.3%.

With so much happening on Capitol Hill, you might have missed some developments that could impact Medicare. Here’s a quick recap of recent events to get you caught up.

Referrals can be a great way to grow your Medicare insurance business, and you may want to use gifts to reward the clients who give you referrals. But watch out. CMS has strict rules governing incentives and gifts. Make sure you know what you can and can’t do.

There’s a lot going on these days – so much that it’s easy to miss a thing a two. Here’s a look at some of the most recent developments that could have a major impact on Medicare.

Most of you probably remember a few glitches in the rollout of changes to the 2019 Medicare Plan Finder. Now, as we start to prepare for the next AEP, the Plan Finder is receiving more updates. Here’s a quick recap of last year and what you can expect from the Plan Finder this year. Also, learn more about a new WAP tool – Medicare Enrollment Express at the end of this article.

Medicare beneficiaries who have been impacted by the COVID-19 emergency will have access to a new Special Enrollment Period (SEP). Not everyone will qualify for this enrollment period, but for those who do, this is an important election opportunity.

COVID-19 is disrupting daily life, but a new executive order should make it easier for some Arizonans to continue work. On March 26, Governor Ducey issued Executive Order 2020-17, Continuity of Work. This order should provide relief for insurance agents and other licensed professionals in the state of Arizona.