Medicare is focused on helping older individuals, particularly those aged 65 and above, to access health care services at affordable costs. Keeping up to date with the insurance plan’s elements makes it easier to familiarize oneself with the changes happening annually and gauge whether they still align with one’s needs.
Below, we examine some of the changes coming to both Medicare Part D and Medicare Advantage in 2025.
- New payment option for Medicare Part D
As from January 2025, seniors using this health insurance plan will be afforded the option to sign up for a drug payment plan. Instead of paying the total cost of a prescription when one gets to their pharmacy, individuals could choose to make payments in installments over the course of the year.
This can help ensure that individuals get the drugs they need, when they need them, in a way that is more affordable.
- New cap for Medicare Part D
Medicare Part D, which helps cover prescription medication costs, will reduce its out-of-pocket limit to $2,000 starting next year. This means that once a retiree has spent $2,000 on prescription drugs, they don’t have to part with more funds for the rest of the year.
It should be noted that only monies spent on drugs covered by Part D will be included in your out-of-pocket cap. Otherwise, the full cost of medications that aren’t covered will need to be footed by the individual.
You are advised to check which drugs are covered by which plans during the open enrollment period, which began on October 15th and will go until December 7th. A 2nd enrollment period for Medicare Advantage patients will run from January 1st to March 31st 2025.
- Fewer plans to choose from under Medicare Advantage
Some insurance providers of Medicare Advantage have announced that they will stop offering coverage and/or some plans in certain states starting next year. For example, Cigna revealed that it planned to exit the Medicare Advantage market completely. This is despite the fact that the insurance provider is still offering coverage in 600 counties across a number of states.
Aetna also plans to offer 10% fewer plans under Medicare Part D next year, which could leave consumers with fewer options to choose from.
Other things to note include the fact that the open enrollment period only applies to those with Medicare insurance. New enrollees should also keep in mind that their enrollment periods start three months before their 65th birthdays.
Companies like Astiva Health can provide useful information applicable to the market in which they operate so that those who qualify for MA plans can decide how to proceed in the coming year.
NOTE TO INVESTORS: The latest news and updates relating to Astiva Health are available in the company’s newsroom at https://ibn.fm/Astiva
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