Major Changes for Medicare 2025
Written by Bonnie Dobbs, Senior Health Benefits Consultant
The Inflation Reduction Act
The Inflation Reduction Act (IRA) has resulted in four significant changes to drug plans.
*Elimination of the coverage gap or donut hole
*$2,000 out of pocket cap
*A shift in cost sharing in the catastrophic phase
*A new way of paying for your drugs
Enrollees can now spread payments out over 12 months instead of paying the high deductible of the first fill at the pharmacy at the beginning of the year.
This is good news for those paying up to $8,000 out of pocket for medications in 2024. The bad news is that most of Part D premiums are greatly increasing with the exception of a few.
Medicare Advantage Plans
Several companies have Medicare Advantage plans that will be exiting the program. Termination letters were mailed starting October 1. If you received one, the bad news is you must select a new plan for 2025. The good news is when a company terminates a plan, those enrollees have guaranteed issues if they wish to change to a Medicare Supplement and Part D plan.
Medicare annual enrollment is Oct 15 to Dec 7 each year. Due to the many changes, please contact a broker immediately to get on the calendar for your review or change.
Bonnie Dobbs is a highly sought-after author, panelist, and speaker on Medicare, teaching thousands online, in print, and in person! The Founder of Insurance and Other Red Tape, Bonnie is a broker contracted with multiple insurance carriers and has a team of agents licensed in Georgia and many other states. Their services are always free. www.insuranceandotherredtape.com
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