MEDICARE UPDATE :
News for 2025
Many changes for 2025.
Prescriptions drug plans, both in a Medicare Advantage plan and individual Part D prescription drug plan will have significant changes, It is Most important that you the consumer watch for your Annual Notice of Change ANOC. This Document will be coming to you in late September or early October. It shows your current plan and premium and what the changes will be for 2025.
Here are the three things we know now.
- 2025 Part D Deductible will be $590
- The Gap or Donut hole goes Away
- The Annual limit of your prescription cost will go down from $6000 and will be capped at $2000 Annually
- Insurance companies will offer a Payment plan due to the cost of some prescriptions
Part A is going up to $ TBD
Part B premium is going to begin at $185 and up depending on your annual household income
Part B deductible is currently $240 new cost will be released in November
The increases in the Medicare Part B premium and deductible are due to:
- Rising prices and usage by more seniors entering the market drive higher premiums year-over-year alongside anticipated increases in the intensity of care provided.
- Congressional action significantly lowered the increase of Medicare Part B premium in 2021, which resulted in the $3.00 per beneficiary per month increase in the Medicare Part B premium (that would have ended in 2021) being continued through 2025.
IRMMA
INCOME RELATED MONTHLY ADJUSTED AMOUNT
You may be able to affect your IRMAA by altering your investment portfolio, which is something to discuss with your financial and tax advisors if you have some time before turning 65.
The LEP is calculated each year by Medicare using the annual base Medicare Part D premium, and the base premium
Remember, people in certain situations are not assessed a late-enrollment penalty, including:
- People who qualify for Medicaid or the Medicare Part D financial Extra-Help program.
- People who have some other form of creditable prescription drug coverage, such as VA, TRICARE, or employer/union drug coverage.
If you are on Kidney Dialysis, you need to read this:
Begininng in 2021 the only health question on a Medicare Advantage plan will be eliminated.
This means if you have End stage renal disease or you're on Kidney dialysis you will have the ability to join a MAPD Plan.
MAPD Plans are NOT Medicare supplements, These plans are called Medicare replacement plans and the " All in one " Plan
To join
- You must live in the service area (managed Care, HMO PPO)
- You must have Medicare Part A nd Part B
- There is a lock in period from April till December
IF you are a diabetic and take insulin make sure you work with a professinal when choosing a Part D prescription Plan as new this year is a $35 insulin cap and here in Illinois of the 32 drug plans avaialable 7 companies are participating in the Insulin cap.
I dont take any Medications but I heard that if I don't buy a part D plan I could incur a lifetime penalty. COULD THIS BE TRUE?
Yes it is TRUE
I heard that your first Medicare health plan choice is the most important, why ?
When you are first eligible for Medicare you are guaranteed a plan regardless of your health situation. So if you have a family health history or perhaps you are a high utilizer of health benefits, you may want to consider a cost effective plan. REMEMBER after your General enrollment period you will have to answer health questions and you may not be able to join a Medicare supplement plan.
Question: I enrolled into a new Medicare Part D plan and still have not received my Member ID card. What should I do?
Category: Changing Medicare Part D Plans
Answer: After enrolling in a Medicare Part D plan, the Medicare plan provider (such as Aetna or Humana) will need about 10 business days to send you a letter confirming your enrollment or a new Member "Welcome" package.
Medicare plans may then need up to five (5) weeks to send you a new Member ID card.
If you enroll late in the annual Open Enrollment Period (AEP - October 15th through December 7th), your Medicare plan provider may need a little extra time to process your enrollment due to the higher volume of activity.
If you are still waiting for your Member ID card to arrive, there are still several things you can do to use your Medicare Part D prescription drug coverage:
(1) If you have received an enrollment confirmation or “Welcome” letter from your Medicare Part D prescription drug plan or Medicare Advantage plan, the letter should include your:
- (1) Member ID number,
- (2) PCN,
- (3) Rx BIN, and
- (4) Group ID (or Rx Group).
2022 Medicare Parts A, B, C & D Announcement
The Centers for Medicare and Medicaid services recently announced their cost adjustments for Parts A,B,C & D i
Places to go people to seeThere are many choices
You need a professional Insurance Agent to help you sort through all the information to find the plans that work for you and Your situation |
Individual and Family policiesAffordabale Insurance, it is available but you have to work with someone who can help you find the right policy that has your Physicians and Hospitals that you WANT.
NO healthplan regardless of the cost is valuable if you can't see your Doctor, or you can't afford the cost of using the plan because premium is low but nothing is paid till you pay down your Deductible. You may qualify for a subsidy. Work with a professional, work with me, because keeping you healthy is important Be Prepared |
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