Are you ready?

Are you ready to make a decision that will affect your prescription coverage and/or healthcare coverage for the entirety of 2025? 

Since October 1st, I have been reviewing Medicare Prescription and Medicare Advantage plans.  although the enrollment period does not affect Medicare Supplement Plans, many are finding their premiums are becoming unaffordable and are looking for solutions as well.   So, I ask you, are you ready this year?  Have you had your current plan reviewed or have you assumed that what worked for you last year will work for you next year?

So far, I am finding that with the changes in Medicare for 2025, about two-thirds of the reviews I have already completed will require a change in coverage for 2025.  And, even with the change, many are facing increased costs for 2025. These costs result from higher premiums, fewer benefits and in some cases having to start over because their current plan is being discontinued.  Because of this uncertainty, a review of your plan is more important than ever.

If you have not scheduled a review, do not wait. The last thing you want to do this year is decide in haste, because as mentioned, your choice will affect your coverages for an entire year.

When scheduling your review, keep in mind that during the Medicare Annual Election Period and Open Enrollment Period you can expect to see plenty of advertisements promising the "latest and greatest" ways to save on your health plans, prescription plans and the offer of free and added free benefits.  While some choices look good, others may not be as beneficial as stated.

Here are some tips that will help you in making your decision:

·         Neither Medicare nor Social Security will contact you by phone to offer health or prescription plans.

·         Insurance agents must provide full name, contact information, insurance license number (for your state) and plan information if requested.

 ·         You do not need to provide your Social Security number, bank account, credit card or Medicare number to receive a quote from a legitimate plan.

·         Beware of clicking on random internet ads or pop-ups.

·         Know that some websites will change their colors or layout to look like a government site but are not affiliated with the government.

·         Use caution and avoid responding to unsolicited messages, texts, or emails.

·         Agents are not allowed to call you without your expressed permission.

·         Agents are not permitted to sign a Medicare Prescription Drug Plan or Medicare Advantage Plan application on your behalf.  All signatures must come from you in the form of a wet signature, telephonic or electronic signature.  Only someone with a Durable Power of Attorney can sign on your behalf.

·         Your decision is not final until December 7th.  If you sign up for a plan and change your mind, you have the right to sign up for a different plan.

In conclusion, know who you are dealing with, do not feel pressured to decide and make sure to have your plan reviewed!

don’t be caught by surprise by the changes in medicare for 2025

“Medicare is changing in 2025, and these changes might hit your wallet harder than you expect!

Whether you're enrolled in a Medicare Prescription Drug Plan (Part D) or a Medicare Advantage Plan (Part C), you could be in for a few surprises. With nearly 20 years of experience working with Medicare recipients, I thought I’d seen it all—until now.”

"One of the major changes happening under the Inflation Protection Act is that Medicare Part D plans will now have a cap on out-of-pocket costs—$2,000 a year. While this sounds like great news, there’s more to the story. With this cap comes some unexpected changes, including:

• Higher plan premiums

• Generic drugs under Tier 1 may now be subject to the Medicare Part D deductible

• Fewer drugs on the formulary list (the list of drugs your plan covers)

• Increased out-of-pocket costs for Medicare Advantage Plans

• Fewer plan options and benefits

• Negative impacts for individuals over 65 who are still working and covered by employer health plans"

1. Read Your Medicare Annual Notice of Change Letter

·         This letter will be sent by your current Medicare Advantage Plan and will detail any changes happening in 2025. You may find that your plan now has a premium, your fitness benefits have been removed, or your prescriptions are subject to new deductibles and co-pays. In some cases, your plan may no longer be available, requiring you to choose a new plan.

2. Don’t assume that your Medicare Part D plan, that worked well for you in 2024 will work well for you in 2025

·         Premiums, formularies and coverages can change, and you could be left with a plan that is no longer appropriate or affordable for your needs.

3. If 65 and Still Working Read your Notice of Credible Coverage Letter

·         If your coverage is not listed as “Credible” you may now have to sign up for Medicare Parts A and D or face penalties for your Medicare Coverage in the future.