Medicare News

September 2024 Edition

My goal with this newsletter is to:

1
Keep You Informed I will be sharing current articles about the changes in Medicare.
2
Answer Your Questions I'm available to answer issues specific to you.
3
Stay Connected I want to make Medicare coverage as simple as possible.

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IMPORTANT - Please scan this QR code (using the camera on your cell phone) for additional important information from Jim.

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2025 Medicare Part D

Smiling woman sitting in doctor's office on appointment, looking at camera, doctor in background.

In 2025 there are some big changes coming to all Medicare beneficiaries with a Medicare Part D Prescription Drug plan, whether the drug plan is built into your Medicare Advantage plan, or it is a standalone Prescription Drug plan used with a Medicare Supplement plan.

Good News - Everyone on a Medicare Prescription Drug plan will have a True Out Of Pocket (TROOP) limit of $2,000 in 2025. What that means is that the MOST you will be out of pocket for drugs covered by your plan is $2,000 (not including any premium you pay for the plan).

Also good news - the 'Donut Hole' will go away completely in 2025. This mostly affects people who are taking expensive name brand drugs.

While this is good news, it means that the insurance companies will be absorbing more of the cost of the drugs. So, they will be looking for ways to mitigate those costs. While we will not know what the 2025 Prescription Drug plans will look like until early October, we have some reasonable expectations of what might change for 2025:

For standalone Prescription Drug plans (for those with a Medicare Supplement plan):
- Plan premiums may increase.
- Plans may implement higher deductibles up to maximum allowed by Medicare of $590/yr.
- Drugs may be dropped from the formulary.
For those with a Prescription Drug plan built into their Medicare Advantage plan:
- Plan premiums may increase.
- Drugs may be dropped from the formulary.
I will be here to help you sort through all of this, and to help you find the most cost effective way to cover your prescriptions. But, I am going to need your help:
- Follow me on Facebook, connect with me on LinkedIn and subscribe to my YouTube channel (just search for The Medicare Answer Guy) to get additional updates.
- READ your Annual Notice of Change (ANOC) which you will receive in late September. This notice will outline the changes that are happening to your plan for 2025.

I know this may seem daunting but that is why I'm giving you as many details as I can now. We will work through this together!! Stay tuned for more updates as they become available. And, as always, thank you for your trust and your business.

Jim Robeson CLU, ChFC	Medicare Made Easy 10755 Scripps Poway Pkwy #617 San Diego, CA 92131\| (858) 935-9120 jim@themedicareanswerguy.com themedicareanswerguy.com
Disclaimer - We do not offer every plan available in your area. Currently, we represent 10+ organizations and over 100 products in your area. Please contact Medicare.gov or 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

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