Reviewing Your Medicare Plan: Key Changes and Tips for Open Enrollment

Next year, Medicare beneficiaries can look forward to new changes that could potentially save them money and improve their benefits. Here are some key takeaways to keep in mind during open enrollment:

– Starting in 2025, out-of-pocket prescription drug costs will be capped at $2,000 annually.
– Medicare will offer up to $2,500 annually for dementia-related respite care through a new program, GUIDE.
– It’s important to review your plan options each year between October 15 and December 7 to ensure you’re getting the best coverage.
– If you take no action, you will be automatically re-enrolled with last year’s coverage, but exploring new options could help you save money and get better benefits.

Don’t miss out on these changes and opportunities to optimize your Medicare plan for the upcoming year!

Title: “Medicare Beneficiaries Urged to Review Plan Options for 2025 – Potential Savings and Benefits Await”

As we approach the Medicare open enrollment period, beneficiaries are being encouraged to review their plan options to potentially save money and improve benefits. With noteworthy changes coming in 2025, including a cap on prescription drug costs and new support for dementia caregivers, staying informed is crucial.

According to a recent analysis, nearly 7 in 10 Medicare beneficiaries did not compare their coverage with other Medicare options during the previous open enrollment period. Marilyn Serafini, executive director for the Health Program at the Bipartisan Policy Center, emphasized the importance of reviewing available new options to potentially save money and get better benefits.

Starting in 2025, out-of-pocket prescription drug costs for Medicare beneficiaries will be capped at $2,000 annually. This new rule applies to deductibles, copayments, and coinsurance for covered drugs, offering financial relief for many beneficiaries. Additionally, a new Medicare program called GUIDE will provide up to $2,500 annually for dementia-related respite care, including in-home care or adult daycare programs.

Other changes in 2025 include the option for Medicare prescription drug plans to allow enrollees to spread out their out-of-pocket costs over 12 months and midyear statements from Medicare Advantage plans to remind beneficiaries of available benefits.

To ensure that beneficiaries are well-informed about these changes and potential savings, it is recommended to review available Medicare plan options during the open enrollment period between October 15 and December 7. Free help in choosing a Medicare plan is available through State Health Insurance Plan navigators, and beneficiaries can also request a duplicate of their “Annual Notice of Change” from their plan.

By staying informed and taking proactive steps to review and potentially change their Medicare plan, beneficiaries can avoid unexpected costs and ensure they are getting the best coverage for their needs.

(Source: Verywell Health – Fran Kritz)