The Annual Enrollment Period for Medicare starts on October 15th of each year. During this time Medicare beneficiaries have an opportunity to change their Medicare Advantage and Part D drug plans. This is also the time that insurance providers announce what their plans will cover and cost for 2025. They also let people know in what zip codes their plans will be offered. These are many changes to be aware of this year, contact us for full details!
Prescription Drug Changes
A major part of the Inflation Reduction Act is changes in the way drugs are handled. The most relevant part for 2025 is that Medicare drug coverage (Part D and MAPD plans) will cap costs for beneficiaries at $2,000 per year. This will benefit people who have very expensive drug costs. A downside is that because the insurance companies will have to cover more of the cost, they have been reducing benefits on some plans.
Medicare Advantage Plan Changes
In general, we are seeing a reduction in plan benefits across the board. Some carriers have eliminated some very popular plans which is resulting in a large number of people needing to shop for new plans. We are seeking to help our client strike the best balance between plan benefits, cost and stability.
Medicare Supplement Changes
There are no major changes to Medicare Supplement plans but costs for these plans have been continually rising. They still offer good value for those that can afford them, and the ease of use and wide network remain appealing.
Elimination of Compensation to Agents
Some carriers have started eliminating all compensation to agents on their Medicare Prescription Drug (Part D) Plans. This is unfortunate as consumers depend on the help of independent agents to help them navigate the ever-shifting waters of Medicare. Rest assured Georgia Medicare Insurance and Daniel remain committed to helping our clients find the best plan no matter what!
You have from Oct 15th – Dec 7th to make changes to your plan. You can schedule a phone or video call with our lead agent Daniel Potter to get help with your plans. We are already advising clients, do not hesitate to reach out by phone at 770-452-9335 or book directly on Daniel’s calendar here: https://calendly.com/ga-health-insurance/daniel-meeting