Minneapolis, MN, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Seniors who disregard Medicare’s open enrollment period could risk paying more –– or miss opportunities to save –– on prescriptions and health coverage in 2025. With major changes to Medicare coverage on the horizon, medicareresources.org is sharing three essential steps to help enrollees decide if they should switch their Medicare Advantage or Part D prescription drug coverage.
“Some seniors skip open enrollment because they’re overwhelmed by the choices, but taking time to review your coverage options might lead to significant savings and help prevent coverage gaps,” said Louise Norris, health policy analyst for medicareresources.org and author of its “Medicare Open Enrollment 2025 Guide.”
Medicare open enrollment – also known as the Annual Election Period – runs from Oct. 15 to Dec. 7. During this time, the nation’s approximately 67 million Medicare enrollees have an opportunity to change their Medicare Advantage or Medicare Part D plans, or switch between Original Medicare and Medicare Advantage for the upcoming year.
Medicareresources.org encourages seniors to follow these steps to decide if a change is necessary before open enrollment closes:
1) Find out how your drug coverage will change for 2025.
If you have Part D prescription drug coverage, carefully review the notices you receive in the mail from your carrier over the next few weeks to understand any changes that may take effect in January.
Some Part D insurers, including insurers that offer Medicare Advantage with integrated Part D coverage, are withdrawing from markets or cutting plan benefits, so if your plan is being discontinued, you may need to enroll in a new one. It’s worth noting that not enrolling in a new plan could mean that a policyholder doesn’t have continuous Part D coverage – and that could result in penalties. Also watch for any changes in pharmacies, covered medications, premiums, co-pays or co-insurance requirements for 2025.
“Your prescription drug coverage isn’t something to leave to chance,” said Jenny Chumbley Hogue, a health policy analyst for medicareresources.org. “Sitting out this open enrollment period could affect your pocketbook and your access to the healthcare you need.”
Some good news for everyone with Part D coverage: There will be a new $2,000 annual cap on out-of-pocket prescription drug costs – part of the federal Inflation Reduction Act – starting in 2025.
2) Watch for Medicare Advantage plan changes.
More than half of Medicare beneficiaries are enrolled in Medicare Advantage plans. If you’re one of them, pay attention to notices from your carrier about potential changes in your premiums or benefits, or discontinuation of your plan.
If your plan ends and you don’t select a new one during Medicare open enrollment, your coverage will automatically change to Original Medicare as of Jan. 1, without a Part D prescription drug plan. You’ll have an opportunity during the first two months of the new year to pick a different Medicare Advantage plan or add a Part D plan, but doing so during the fall open enrollment period will prevent gaps in your drug coverage and will allow you to have coverage of your own choosing as of Jan. 1.
3) Compare your coverage options and get help.
Comparing your Medicare plan options could save you money or improve your coverage. If you need assistance, contact 1-800-Medicare or your State Health Insurance Assistance Program (SHIP), neither of which is affiliated with insurance companies. You can also seek help reviewing your plan and exploring coverage options with a local insurance agent or broker.
Find more details in medicareresources.org’s Medicare Open Enrollment Guide.
Medicareresources.org has been an online source of in-depth information about Medicare for consumers since 2011. The site, owned by HealthInsurance.org, LLC, provides an overview of the basics of Medicare coverage options, enrollment and eligibility; coverage FAQs; state-specific Medicare information; and a glossary of Medicare terms. Medicareresources.org is not connected with or endorsed by the U.S. government or the federal Medicare program.
