Medicare Enrollment Information for 2025
A crucial time on the healthcare calendar is approaching – Medicare Enrollment!
There may be changes to your plan for 2025 due to the “Inflation Reduction Act.”
The Medicare Annual Enrollment Period (AEP) begins on October 15th and runs through December 7th, 2024. This is the ONLY window of time in which you can make changes to your current 2024 Medicare coverage for the upcoming 2025 plan year.
Navigating the intricacies of Medicare can be challenging, especially with the many changes expected for the 2025 plan year. We are here to assist you every step of the way, ensuring that you are making an informed decision that aligns with your unique and specific needs. *
The Good News…
Your prescription drug cost for 2025 will be limited to a maximum out of pocket of $2,000. In 2024 your max-out-of-pocket spending was $8,000 (including certain payments made on your behalf – for example: through Extra help/LIS program).
The $6,000 difference in cost between 2024 and 2025 is being pushed to the drug companies and the Prescription Drug Insurance plans.
Prices on some drugs have been negotiated to a lower cost but many will increase. Payment plans will be available for 2025.
The Not So Good News…
Because of the increased cost being passed on to prescription drug companies as mentioned above, we will most likely see increased pricing for some prescription drugs. In addition some drugs may have tier changes (for example: a drug that was a tier 2 may now be a tier 3) and some companies may leave the market altogether. Mutual of Omaha and Elixir have already left the prescription drug market.
The average PDP price for 2024 was $64.28 and the average premium submitted to CMS for 2025 PDP was $179.45 – PRICE INCREASES ARE EXPECTED!
Read our blog article with top 10 tips for saving money on prescriptions.
Medicare advantage plans may also feel the impact of the Inflation Reduction Act.
Increased drug costs to the insurance companies may potentially cause increased premium costs, increased co-pays, added deductibles, changes in drug tiers, and other reduced benefits. In addition, more prior authorizations may be required prior to treatment.
There may also be changes to Medicare Supplement Plans (many older seniors have this type of plan). Medicare supplement plans are now required to use Unisex pricing that will be phased in over the next year. This means premiums for females may be going higher in addition to the regular premium increases for males and females.
* Why work with a multi-carrier, professional, local Medicare insurance agent?
Do not navigate the Medicare maze alone, it is very complex!
The goal of Quality Choice Insurance is to simplify the process for you, making your enrollment experience smooth and efficient.
Experience Matters: Jack Draper, owner, has 40+ years of experience and am licensed with multiple carriers. He can present a wide array of plan options that are best suited for your specific needs.
Unbiased Recommendations: Without an allegiance to a single carrier, Jack can provide recommendations that are in your best interest, ensuring you get the most out of your Medicare plan.
We will be conducting dozens of Medicare Information Meetings in West Michigan during the AEP (Open enrollment period). Meetings will begin October 15th and run through December 7th, 2024.
Reach out to us at (616)205-5222 to sign up for a meeting near you!
