08/15/2024
INSURANCES & MEDICARE CHANGES FOR 2025
-MEDICARE RECIPIENTS are likely to face a "perfect storm" this ENROLLMENT SEASON, and some real problem will take place if the enrollment period isn't extended.
-Starting in 2025 Medicare is set to undergo some MAJOR CHANGES, and seniors on Medicare might need to make different decisions when it comes to their health care.
-As we approach this year's Annual Enrollment Period (AEP), it's evident that the process will be more complex and overwhelming than ever before
-Seniors will face a 'perfect storm' of challenges—a presidential election that will distract beneficiaries during the critical early weeks, a late Thanksgiving that compresses decision-making time, and significant market changes.
-Currently, the enrollment period for Medicare Advantage and Part D is set to run from October 15 to December 7.
-Those decisions will impact seniors' coverage starting January 1, 2025.
-We also have a higher number and growing number of Medicare enrollees. In 2014, we had 15 million Americans in Medicare Advantage. Today, that number has more than doubled to 33 million.
-This adds immense pressure to the seven-week AEP, where all current enrollees must review changes to their existing plans and explore new coverage options for 2025."
-Medicare is a government-run health care program available to seniors and people with disabilities.
-While traditional Medicare is always there, many seniors also add on Medicare Advantage plans to cover dental and vision insurance and access lower monthly premiums.
-Beginning in 2025, Medicare beneficiaries will see several changes in store.
-For one, there will now be a $2,000 yearly out-of-pocket cap on prescription costs for Medicare Part D.
-This change was approved in the Inflation Reduction Act and means many seniors will see lower costs on their medications throughout the year.
It does not apply to Part B drugs, which are usually vaccinations or other injections doctors provide in an inpatient setting.
Also beginning in 2025, Medicare Advantage plans will be mandated to send their members a mid-year "enrollee notification of unused supplemental benefits." This report will arrive in July and list all the supplemental benefits still available for use that year.
-It will also outline the out-of-pocket costs and additional instructions to use the benefits.
-Medicare Advantage salespeople will also no longer get incentives to enroll seniors in plans in 2025.
-CMS is instituting the change in hopes of preventing any misleading sales tactics to get the elderly on plans that do not serve their best interests.
-Medicare Advantage plans also routinely change the benefits available and provider networks year to year, so seniors will need to take note of this as well.
-Your premium and deductible amounts could also look different depending on your specific plan, location and insurer.
Because CMS outlined its upcoming payments to insurers, which were revealed to be lower than anticipated, analysts have been warning that seniors could be in store for higher out-of-pocket costs beginning in 2025.
-The time crunch is real while the government and insurance companies share changes with those who receive benefits, it takes time for that information to filter down to seniors and for them to fully grasp how it affects their plans.
