Just in a big announcement for Social Security Beneficiaries. I have all the details and everything you need to know about this information. I’m here for you each and every day as your one and only daily advocate, doing all the research, breaking all the information down so that you can stay updated with this information as it’s being released, just like what we’re going to cover right here in this topic.
All right, so this is a big announcement we’ve been waiting for honestly a very long time now. It’s been several months in the making here, and this announcement was supposed to be coming out any day now. I did all the research on it. And I want to bring you this right away because we’ve been waiting for this for quite a few months now. Let me give you all the background information and everything you need to know about this and how it may impact Social Security beneficiaries in a pretty big way.
All right, so first off, remember back in November of last year, 2021, the Medicare Part B premium was announced going up 14.5% or 21 point 70 per month. Well, that was a big adjustment to our Medicare Part B premium. Right? Well, as a result of that, about $11 of that raise was coming from one prescription item. That one prescription called Addy Helm.
Right, It is this one very expensive prescription item for Alzheimer’s patients. Right, Well, here’s the deal about this. Shortly after they announced this, the price on that Alzheimer’s prescription was $56,000 per patient per year.
Well, the prescription manufacturer came out and actually slashed the price in half down to about $26,000. However, that’s not the whole point. We were waiting for an announcement out of the Centers for Medicare and Medicaid Services to determine what they’re actually going to do about this prescription, because here’s the thing. Every single Medicare beneficiary has been paying in $21.70 more this year in 2022. And about $11 of that is accounting for this very expensive prescription.
I’m not saying it’s a bad thing. I’m just simply saying that is where the $11 out of the 21 that they’re charging you every single month is coming from. Well, they were actually supposed to be making an announcement on or before April 11 to let us know their final decisions on this. Well, I was anticipating this announcement was going to come out probably sometime on the 11 April. Well, it didn’t.
Let me tell you what they decided. Here’s what they decided. The Centers for Medicare and Medicaid Services said they will only cover this very expensive prescription item for Alzheimer’s patients called Adduhelm in the event these patients are enrolled in a clinical trial. Therefore, this is only going to reach a very small percentage of the 1.5 million people in the United States who are dealing with some type of mild symptoms from Alzheimer’s.
Now, again, I don’t want to act like I’m an expert on Alzheimer’s. I’m not I don’t know much about it. I’m being honest with you. I’m simply telling you the information that I found while doing my research on this. So this is going to reach a very small percentage of people and they’ve agreed they will pay for this very expensive prescription item for just these people who actually agree to go into a clinical trial.
Okay. Now, how does this translate into Social Security? Let me tell you this much. Here’s what we learned about I’m going to say maybe a month and a half or so ago. Again, I’m not sure of the exact date when this was announced, but the Secretary of the Health and Human Services, he came out and said he would be making an announcement on the Medicare Part B premium in 2022, based on the final announcement out of the Centers for Medicare and Medicaid Services.
We just got the announcement. So here’s the deal. They’re going to be covering this prescription on a very limited basis. Therefore, the Secretary for the Health and Human Services Department did say in the event that this announcement out of Social Security or sorry, out of Medicare comes in, and whatever that is based on whatever that announcement comes in at, he may be making the decision that Medicare Part B premiums may be decreased. Therefore, if they’re charging you right now $170.10 per month for your Medicare Part B premium, they may be reducing that.
In fact, based on this announcement that just came out moments ago, it’s looking pretty good that the Medicare Part B premium is likely going to be decreased. Now, again, I don’t want to jump ahead of myself here. I don’t want to get anybody’s hopes up. But I want to tell you this much, based on what has already been said to us from the Secretary of the Health and Human Services Department, he has clearly indicated, based on the decision that comes out of Centers for Medicare and Medicaid Services, on this very expensive Alzheimer’s prescription, which we just got the announcement saying it’s going to be very limited to the patients that they can actually get this thing. Therefore, considering that they are already collecting $11 from each and every one of us every single month in Medicare Part B premiums to account for this very expensive Alzheimer’s prescription, they may look at the situation and say, well, the number of patients that are actually going to be taking this is so incredibly limited right now.
We may not need to collect $11 every single month from 63 million Medicare Part B beneficiaries. That’s a lot of money every single month, $11 for 63 million people every single month. We’re talking a lot of money every single month. Right. So anyway, we’re talking like how many dollars that is, right?
Anyway, the whole deal behind this is I would anticipate any day now. I’m guessing it’s probably not going to happen anymore today, but I would anticipate considering the Secretary of the Health and Human Services Department has come out and said after this announcement was coming out of the Centers for Medicare and Medicaid Services, he would come out and make a final announcement on the Medicare Part B premium as well. Now, how does all of this translate into Social Security beneficiaries? Well, it comes down to this. You know as well as I know.
Sorry. Every month when you get your payment, right, your monthly check, whenever that arrives, you know that a substantial portion of that payment is actually taken away from Medicare Part B premiums. You know what I mean, right? It is not a fun premium to pay. Now, of course, you don’t see that deducted, but rather when you get that annual letter from the Social Security Administration, you open it up, they tell you your top-line number, and then they deduct all of your expenses, deductions, things like that, and then they give you your bottom-line number and it says something like your benefit will be X dollars on whatever date starting on the first of the year whenever you start getting your benefit.
Well, they deduct out the Medicare Part B premium. However, if they reduce that Medicare Part B premium by however many dollars, that just means it’s more dollars into your pocket. Right? So I guess the main questions that I’m wondering now are as follows. Number one, in the event that they do reduce the Medicare Part B premium, how much is it going to be reduced, and is it going to be starting immediately?
That’s what I want to know. Number one. Next, is this going to be retroactive? Are they going to give us a little bit of a refund going back to the beginning of the year? I think this is a really good question, and I want to know the answers on this one.
Are we going to get a refund in the event the Medicare Part B premium is going to be decreased? Based on what has previously been said and based on this announcement out of the Centers for Medicare and Medicaid Services just moments ago, I’m anticipating there’s probably going to be a reduction to the Medicare Part B premium for the remainder of 2022. But I want to know this much. Are you guys going to refund us or are we just like out that money that we’ve already paid so far this year. You get what I’m saying?
Because I want a refund. I’m not sure about you guys, but I want a refund. Give us our money back, you know what I mean? So they’ve been taking a lot of money so far, and basically, this one’s stashing it away like squirrels, right? They’re like squirrels in the fall.
They gather way too many nuts that they’re never going to eat, and then they rot away and then they never get used. It’s kind of like the same thing with the Medicare Part B premium that they’ve been taken from us all year so far, the first few months of the year so far, they’ve been taking too much. And they should probably get some of that back, right? So these are a few of the main questions here that I want to know the answers to. And I’m going to be scouring the Internet looking all over for all my sources here.
I have multiple different sources that I tap into each and every day. I have like 25, 30 sources that I go through every single day to find this information for you. I’m going to be going through my sources as well as I’m going to be doing any kind of digging that I can find here to try to find the answers for this. How soon will the Medicare Part B premium be reduced? Is that going to come back to us?
You know what I mean? And then also, are we going to be getting some kind of retroactive kind of kickbacks on this, considering they’ve collected a lot of money from us so far this year? And it looks to me like a lot of that money is probably not going to be used for this prescription, considering the very low number of patients that are going to be getting this Alzheimer’s prescription kind of get what I’m saying a lot of moving parts here. But anyway, I would anticipate an announcement out of the Secretary of the Health and Human Services Department any day now. So.
Yo, dude, if you’re listening, I’m listening, or whatever his name is. What is his name? Xavier. No, that’s not it. Anyway, I apologize.
I know his name. It’s something kind of weird. Honestly, I’m not really sure how to pronounce it. I’m not good with names, so I apologize. But my point is I’m going to be watching this dude.
And as I get more information out of him, of course, as there’s announcements, of course. I’ll be right back here for you breaking it down. This is some pretty big stuff here. And this could mean a little bit more money in your pocket each and every month as a beneficiary. About 63 million people who have Medicare Part B, pretty good stuff Exciting.
We finally got the announcement, and honestly, it came in about four days early. We almost never see announcements come in early these days, right? Usually they milk it out to the very last minute, and even then they’re like, oh, sorry, can we get an extension? Yes. So sick of the extensions.
No, seriously, we need this stuff right now. We’re sick of waiting. So anyway, I’m here for you in any way that I can be. Please leave your comments and questions down below. Leave your feedback anything like this.
I do my best to read as many comments as I can each day as well as respond to as many but I can always come back and make the dedicated topic as necessary. So again, finally, maybe a little win coming for us right here. It’s about time. We’re all looking for a win. Please throw us a bone.
Seriously, you know what I mean. I think all of us are in the same position right now. Please throw us a bone. We’re looking for something. So anyway, we might be getting something here soon.
I hope this one helps you finally. It’s a little bit encouraging. All right. I’ll see you again soon. Thanks so much.
I’ll see you next.