Changes for 2025 – what you need to know!
BE PREPARED
Schedule an appointment with your current agent, or if you don’t have one, find one (hint – I am one!) I am saying this to you because many stand alone prescription drug plans are not even paying us any commission for working with you on these plans this year – those of us doing it for you may actually be doing it for nothing! But some of us do care about the people we serve!
This is not a year to “do it yourself”!
Don’t just let the plan roll over because you like your current plan – there will be major changes to the plans this year due to the Inflation Reduction Act mandating a $2000 out of pocket maximum for people on Medicare Prescription Drug Plans – Stand Alone or Medicare Advantage.
MAKE A LIST
Talk to doctors who are prescribing medications and ask them if they anticipate any changes in medications – get the name of the medication, the dosage, and how frequently you are going to need to take it.
Have a list of your current medications, dosages, and frequency.
Why Is 2025 So Much Different?
Inflation Reduction Act of 2022 Mandates that beginning in 2025 Medicare enrollees will have a $2000 maximum out of pocket cap on prescription drugs under Medicare Part D Coverage – indexed each year for inflation
It also mandates a Medicare Prescription Payment Plan be offered to enrollees
What effects will this have?
The intention is to limit the overwhelming cost of purchasing medications, for seniors, in this country by capping their Part D costs at $2000 – this sounds like a good thing, and in some ways it is, but this will also have other effects
TAKE AWAYS
Don’t try to do this yourself and don’t assume that you can do this on your own!
Don’t blindly stay with your current plan that you liked this year assuming that all costs and coverage will not change.
Everything about prescription and Medicare Advantage plans can change from year to year. BE prepared!