Changes Coming to Medicare

The most substantial changes in Medicare this year and next year have to do with prescription (Part D) coverage. This year, 2024, members of Part D Drug Plans have no co-pay for their covered drugs for the rest of the year, after reaching the Catastrophic Phase of coverage. While this has been a tremendous benefit for some members who have very expensive drugs, it has resulted in most drug plans increasing their premiums this year. So, even if a person does not have expensive prescriptions, they likely experience an increase in the monthly premium of their drug plan.

Next year, 2025, there will be a maximum out-of-pocket of $2,000 for covered drugs, whether the drug plan is a standalone Part D Plan or if Part D is included in a member’s Medicare Advantage Plan. It’s very possible that this change could cause even higher Part D Drug Plan premiums, annual deductibles where there was no deductible, and some drugs being dropped from coverage. This makes it even more important than in past years to pay attention to current drug coverage and how it will be different in 2025. We recommend the following actions to evaluate your drug coverage for next year.

1. Check your Plan’s Annual Notice of Change. This is mailed or delivered electronically to each member around the first of October every year and outlines th current year’s benefits and compares side-by-side with next year’s benefits.
2. Check if your current prescriptions will still be covered for the new year, and at what cost.
3. Compare to other drug plan options. This can be done at no cost by a local agent who is contracted with many companies, and who can explain the differences. Members can also go to Medicare.Gov, and still enroll through a local agent at no additional cost.

Developing a relationship with a local agent can help members navigate the changes in Medicare from year to
year and are also available all year to answer questions as they arise.

Reach out to Marv Law with Health Bridge Insurance by calling him at 760-345-4705 or send him an email him at [email protected]