Every October 15th through December 7th is Medicare Open Enrollment.
This time period gives all beneficiaries a chance to review their coverage and make changes for the coming year. Although many choose to do nothing and stay with the plan they have, it is very important, especially this year, to sit down with someone for a review. This is because there are important changes coming in 2025.
A big change coming 1/1/25 is all Medicare plans will include a 2,000 cap on what you pay out of pocket for prescription drugs paid by your plan, so if your out-of-pocket spending or covered drugs reach $2,000 you will have no more out of pocket cots for the drugs the rest of the calendar year. While this will help many people, this could also cause insurances to make changes to their costs and coverages. So, it is very important to check your options.
If you miss the open enrollment period, you may not have another chance to switch until next year. Confirm your plan, include all the medication you are currently taking. Lots of covered drugs (called a formulary) can change from year to year and if your drugs are not listed, they will not be subject to the $2,000 spending cap. Your premium for your current plan could be subject to change because of the new law, as well as preferred pharmacies, which may change.
Most Medicare plans send members an annual notice of changes by the end of September each year. It should explain revisions in benefits, costs, covered drugs and network providers. If you have not received yours for 2025, please make a call to your provider.
Medicare Plan Finder is a source to compare Part D and Medicare Advantage Plan in your area. You can also call 800-MEDICARE (800-633-4227). There are usually Representatives in your community that are knowledgeable in the Medicare area.
Do not let this Open Enrollment time go by without making sure the plan you have in place is still the right plan for your need in 2025.
