The Inflation Reduction Act signed into Law by President Biden will cause many changes in Medicare 2025 Plans. Plans will be mailing out a Notice of Changes in September for the 2025 plan year which will be effective January 1, 2025. Please make sure to read these changes carefully.
One of the main reasons for these large changes will be that the Medicare Drug Donut Hole is being eliminated and reduced to $2,000. Which will cause the plan’s most out-of-pocket limits to increase, as well as the Medicare part B premium. Medicare carriers will also have to adjust benefits to cover the additional risks that will be required for carriers to now pay. Everyone on a Stand-Alone Drug Plan or a Medicare Advantage Plan should expect major changes. Some of these changes may include PPO plans being eliminated, dental coverage changes, increases to inpatient stays copays, drug deductibles, office visit copays, most out-of-pocket for in and out-of-network, etc.
Make sure to read your Notice of Change carefully and contact a local independent agent/broker to discuss and shop for 2025 plans. The Annual Enrollment Period for Medicare runs from October 15th – December 7th. Please do not try to take this journey alone! Make sure you contact an experienced local agent/broker for this journey. And while you may think “let me just call Medicare,” please keep in mind that they are a call center. This means the person you are talking to may be answering your call from another state, and they might not be familiar with Florida or your state Plans. This is why we suggest working with a local agent/broker as they should know about all the changes for 2025!
My customers will receive a “Needs Assessment” in an email to update Prescriptions and Doctors to allow us to shop the best New 2025 Plans for you. Please visit our Upcoming Events page for seminars near you. If you are new to Streamline Insurance Consultants, please visit our Contact Us page and fill out the form so we can get in touch with you and help you through these confusing changes!
We will keep you updated as more information is available!
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