posted by Jaiden Logan on October 8, 2024
How many will be affected?
Millions of people will be affected by the 2025 changes in Medicare. It is important that all beneficiaries of Medicare Part D plans or Medicare Advantage plans are educated on these changes in Medicare because some of them may cause a drastic difference in your plans. In our previous blog post we discussed the major changes in Medicare for 2025, including the reduction of the out-of-pocket prescription cap from $8,000 to $2,000. Due to the size of this gap, the reduction is projected to help many individuals. For example, this past April, over 1.7 million beneficiaries had already reached $2,000 in out-of-pocket costs, according to the Centers for Medicare and Medicaid Services. Imagine what those out-of-pocket costs may look like by December of this year! We also discussed the Medicare Prescription Plan which will primarily assist those who are used to paying high drug costs at the beginning of the year. The plan offers these beneficiaries some leniency by giving them the opportunity to pay their costs monthly rather than all at once, but remember, you must opt in to this plan! If you are currently enrolled in Medicare Part D or Medicare Advantage plans and you experience high out-of-pocket costs or high drug costs at the beginning of the year, it is even more important for you to shop during open enrollment season.
Why should I shop during open enrollment season?
With all of the changes in Medicare this upcoming year, it is possible that there could be a plan available that suits your Medicare needs even better than your current plan. As a result of the 2025 changes, you may witness a noticeable difference in premiums, copayments, as well as the formularies, or drugs covered under your Medicare plan. Even minor details could change, such as the extra benefits that may have even influenced your decision in choosing your plan! You should have received an annual notice of change in September, which outlines the upcoming changes to your plan.
Why should you meet with a Medicare agent?
During the open enrollment period, the amount of information that you consume about Medicare may be very overwhelming, especially if you don’t know too much about Medicare. Meeting with a Medicare agent can allow you to receive expert advice. Our agents are licensed and have experience with various insurance companies, therefore, they are prepared to answer all of your questions and act as your personal guide through this challenging process. Agents can also offer you assistance through different stages of enrollment. While you may not understand Medicare, our agents do! They have been through this process many times with different clients and may be able to alleviate some of the stress you may be having because of these changes. Agents are also aware of what each plan covers, so if you are having difficulty understanding the details of your plan, an agent can give you some more clarification. Lastly, you can meet with a Medicare agent free of charge! We have the resources to help, all you have to do is reach out.
How do I make an appointment?
You can make an appointment through our website by going to our website and scheduling a virtual, in-person, or community meeting with one of our agents. You can also call our office number at (804) 898-3404.
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