I attended a podcast earlier this week where the speaker shared that there are some interesting changes coming to Medicare for 2025.
The main one will be a change in how Part D (Prescription Drugs) will be offered. Thanks to the Inflation Reduction Act, the lower-cost prescription drug law, annual out-of-pocket costs will be capped at $2,000 for people with Medicare Part D in 2025.
This is important to know for a couple of reasons. First, almost all Medicare Part D plans will be revised in some way. You may see a premium increase, a deductible increase, or formulary changes.
It is important to be aware of the changes so that you can decide about your coverage during open enrollment. Also, most Medicare Advantage plans will have some revisions in their drug coverage and possible changes in other benefits.
While the law will ensure savings on drug coverage, there will be modifications in other parts of the plans. Please be aware of the differences which will take effect next January by reading your Notice of Changes that will be mailed to all plan holders in September.
Also, you can reach out to me via email or phone/text, and I will be happy to assist you in understanding the upcoming changes.
If you are turning 65 soon or retiring, give me a call to help you navigate through your options. Call Lynne Jones, a licensed salesperson, at (480) 212-2246.