Seniors Should Plan Now For Coming Medicare Changes

LOS ANGELES - Aug. 19, 2024 - PRLog -- Just over 67 million Americans are enrolled in Medicare, according to the American Association for Medicare Supplement Insurance.

It's important to know that some changes are coming in 2025 suggests Jesse Slome, director of the organization. "These modifications will affect spending limits for prescription drugs. They will also introduce improvements designed to provide better healthcare to seniors."

Here's what you need to know about 3 significant changes and some suggested DO NOWs recommended by the organization's director.

1. Expect Medicare drug plans to change. Due to many factors, expect whatever drug coverage you have to change. Medicare gives all seniors a once-a-year opportunity to review costs and coverage for the coming year. According to the American Association for Medicare Supplement Insurance, doing a comparison during Medicare's Annual Enrollment Period (AEP) can save you hundreds of dollars.

DO NOW: Prepare a list of medications you take. When AEP begins on October 15th use one of the free online Medicare drug plan comparison tools to look up your 2025 costs.

2. Changes for those who take many costly drugs.

Starting next year, seniors covered by Part D will have a $2,000 out-of-pocket limit. This applies only to medications paid for by Part D. If you take multiple costly prescription drug plans this can save you many thousands of dollars.

DO NOW: Ask your doctor about any changes they anticipate in your drug regimen for 2025. You'll definitely want to research 2025 Medicare drug plans when AEP begins or speak to a local Medicare insurance agent who can compare various plans available in your area.

3. Changes will benefit those with Medicare Advantage plan coverage.

One of the reasons Medicare Advantage plans have grown in popularity is the availability of free benefits. These can include dental, vision and hearing. But many seniors are not taking advantage of these benefits. Thus, Medicare Advantage plans will be required to provide you with a "Mid-Year Enrollee Notification of Unused Supplemental Benefits". This notification will list all supplemental benefits your plan covers that you didn't use during the first half of the year.

DO NOW: More than 99% of Medicare Advantage Plans offer at least one supplemental benefit. If you've had your plan for a number of years, it could be smart to get an updated list of benefits available before the year ends.

The American Association for Medicare Supplement Insurance [https://www.medicaresupp.org] advocates for awareness on the topic of Medicare planning. It makes available the #1 online directory listing local Medicare insurance agents. Access the directory at https://www.medicaresupp.org/agents/.