Medicare Open Enrollment Checklist: What You Need to Know

Medicare Open Enrollment for 2024 is just around the corner, and it's a crucial time for beneficiaries to review and adjust their plans. Whether you're new to Medicare or have been enrolled for years, this period offers the perfect opportunity to ensure your coverage fits your healthcare needs and budget. With a variety of plans and options to consider, it’s easy to feel overwhelmed. That’s why we're sharing a  checklist to help you decide if you need to change your Medicare coverage during open enrollment and make informed decisions before the December 7th deadline. You can find additional resources at www.medicare.gov.  Please reach out if you want to discuss your Medicare options or changes to your coverage.

There are some important Medicare changes for 2025 that beneficiaries should be aware of as follows:

1. Medicare Price Negotiation for Prescription Drugs: Medicare will start negotiating the prices of select high-cost drugs, lowering out-of-pocket expenses for beneficiaries who rely on these medications.
2. Cap on Insulin Costs: Out-of-pocket costs for insulin under Medicare Part D will be capped at $35 per month, continuing the effort to make life-saving insulin more affordable.
3. Elimination of Out-of-Pocket Costs in Part D Catastrophic Phase: Starting in 2025, beneficiaries who reach the catastrophic coverage limit in Medicare Part D will no longer have to pay out-of-pocket costs, providing significant relief for those with expensive prescriptions.  The out of pocket cost will be capped at $2,000/year. 
4. Expanded Telehealth Services: Telehealth services will continue to expand, giving more beneficiaries access to virtual care, including mental health services, which is particularly beneficial for those in rural or underserved areas.
5. Increased Preventive Services Coverage: Medicare will provide more coverage for preventive care services, such as screenings for chronic conditions and mental health support, helping beneficiaries manage their health more proactively.
6. Medicare Part B Premium Adjustments: Medicare Part B premiums are expected to change in 2025, with rates reflecting economic adjustments like inflation and healthcare costs, potentially impacting beneficiaries’ monthly payments.
7. More Medicare Advantage Plan Benefits: Medicare Advantage (Part C) plans will continue to offer enhanced benefits, including expanded dental, vision, hearing, and wellness services, providing more comprehensive coverage options.
8. Broadened Medicare Savings Programs: The income limits for Medicare Savings Programs, which help cover costs like premiums, will increase, making it easier for more low-income beneficiaries to qualify for financial assistance.
9. Changes to Medigap Plans: Updates to Medigap (Medicare Supplement Insurance) policies could offer more coverage for out-of-pocket expenses, with some states adjusting their plans to accommodate rising healthcare costs.

These highlights reflect Medicare's ongoing efforts to improve affordability, expand access, and enhance the quality of healthcare for beneficiaries in 2025.