Medicare Changes are on the Way

The Medicare landscape is changing, and with the 2024 open enrollment period kicking off on October 15th, it’s the perfect time to make sure your plan is ready for what's coming. Big changes are set for 2025, and whether you're already satisfied with your coverage or wondering if there's a better option, now’s the time to take action. Let’s dive into the latest updates so you can make the most of this year’s enrollment period to save money and enhance your coverage.

What’s Changing in 2025?

Medicare is evolving in 2025 with several changes designed to reduce costs and expand coverage. Some key updates include:

1. Lower Out-of-Pocket Prescription Drug Costs: One of the biggest updates is the implementation of the $2,000 annual cap on out-of-pocket costs for prescription drugs under Part D. This change will provide significant relief to those who spend heavily on medications.

2. Phasing Out the “Donut Hole”: The coverage gap in Medicare Part D (often referred to as the “donut hole”) will continue shrinking, offering more consistent drug costs throughout the year.

3. Expanded Access to Vaccines: Medicare will continue to cover more vaccines at no cost, which includes the shingles vaccine and others that prevent serious illnesses.

What Should You Do During Open Enrollment?

Here are some actions to take during the 2024 Medicare open enrollment period to prepare for the upcoming changes:

1. Review Your Current Plan: Check if your current plan is still the best fit for your needs. Plans can change coverage and premiums every year, so make sure your plan covers the prescriptions, doctors, and services you need at a reasonable cost.

2. Compare Plan Options: Use Medicare’s Plan Finder tool to compare different plans, including Medicare Advantage and Part D prescription drug plans. Even if you’re happy with your current plan, it’s worth comparing to see if another plan offers better coverage or lower costs, especially in light of the upcoming 2025 changes.

3. Ask for Help: Medicare can be confusing! Don’t hesitate to reach out to a Medicare specialist to help you make sense of your options. 

In our office, Rick Austin has been a trusted resource to our clients for over 9 years.  As an independent agent he can shop across multiple Medicare plans for you.  And the best part is that his service is free to you – the insurance companies pay him for his time if you decide to write an application through him.   Reach Rick at raustin@marshwealth.com  so you don’t let these new benefits pass you by.