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.