The annual Medicare Enrollment period has begun and will run through December 7. This is the time when beneficiaries can review their current plan, learn of possible changes, and determine if a change of plans is needed. Medicare experts caution enrollees to do their homework before the deadline and new plans take effect on January 1, 2025.
By now, you should have received a letter from your current plan provider regarding any changes that take effect in 2025. Changes in Medicare Part D prescription drug coverage and related costs should be spelled out for you. Beginning January 1, Medicare Part D will cap prescription out-of-pocket costs for co-pays and coinsurance at $2,000, a drop from the 2024 cap of $3,500. An estimated 3.2 million enrollees will reach the new cap in 2025.
A possible tradeoff is that Part D providers may increase premiums for coverage and set a higher out-of-pocket deductible. That’s why it’s critical to dig into the details now to see what your Medicare Advantage plan might do compared to competitive plans.
Retirement Shouldn’t Be a Time of Worry
Seniors need more help in the current economy. That’s just one reason why, here at Council of Seniors, we’re focused on getting Congress to pass the SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has been inadequate in recent years, this bill is critical. Once it passes, eligible seniors will recover the $581 missing from their benefits.
Signing our petition without delay is the best way to start helping. Your support can enable us to help return this money to seniors.
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