ONE OF THE BIGGEST CHANGES TO MEDICARE PART D IN YEARS IS HAPPENING IN 2025

On Tuesday, October 1, new Medicare plans for 2025 will be released. What this means to participants is that as of this date, they are able to sit down with a licensed insurance agent to talk about their options. But, where to begin? 

“It’s important to note that everyone who participates in Medicare is free to make their own choices,” says Scott McEvoy, a licensed insurance agent with HealthMarkets Insurance Agency. “They can opt to go it alone, making their selection for the coming year, or they can tap into the knowledge base of someone like me.”

Scott suggests calling his office to make an easy, informative appointment to meet with him. “That’s where many of my clients like to begin,” he suggests. “It can be overwhelming to sift through the options available to you. But when you schedule a time to meet with me or someone on my team, you won’t have to try to figure things out. I’ll provide you with information about important changes and the options available to you to help you find a plan that best suits your needs.”

Medicare Annual Enrollment begins on Tuesday, October 15, and continues through to Saturday, December 7. 

“Many people wait until the enrollment period begins to schedule a time to meet with me,” Scott says. “That’s perfectly fine, but it can be a busier time as there may be other people interested in reviewing plan changes. If you schedule between October 1 and October 15, it will likely be less busy. You can slow down and take the time to understand your options, then, when the enrollment period begins, you can simply pop in and firm up your choice. I believe it’s important to meet with a licensed insurance agent as I can offer personalized guidance to help those in need of understanding their options. And the best part is, there is no charge for my services.”

Scott says that some people choose to review their options without his guidance because they’re afraid it’s going to cost them more to come to him, but that simply isn’t the case. “There is absolutely no cost for my help, and the comfort of knowing you’ve been presented with options that make sense for you can be valuable,” he says. 

Medicare Part D Improvements

While the nuances of plans from different carriers may change for 2025, the biggest improvement will be to Medicare prescription drug plans.

In response to the Inflation Reduction Act, for the first time in 2025, all Medicare prescription drug plans (Medicare Part D plans) will offer enrollees the option to pay out-of-pocket prescription drug costs in the form of capped monthly installment payments instead of all at once at the pharmacy.*

Additionally, the Centers for Medicare & Medicaid services (CMS) is detailing improvements to the structure of the Part D drug benefit for the coverage year 2025 that will result in lower drug costs for millions of people with Medicare. Annual out-of-pocket costs will be capped at $2,000 for people with Medicare Part D.*

“This change is really significant,” Scott attests. “Last year the cap was $8,000. The other improvement to Part D means that you can spread the amount you have to pay over 12 months and handle it in installments, which for some people could be a tremendous advantage.”

Scott also notes that the out-of-pocket cap for 2025 could impact other aspects of your current Medicare plan, so it’s important to know if your coverage is still the same. 

HealthMarkets Insurance Agency is located at 9551 Vista Way in Garfield Hts. To reach Scott McEvoy or a member of his team, call 216-815-1850. Virtual, phone and office appointments are available. 

HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency nationwide except in MA. Not all agents are licensed to sell all products. Service and product availability may vary by state. Agents may be compensated based on enrollment. No obligation to enroll. 51531-HM-0924 *Source: CMS.gov/inflation-reduction-act-and-medicare.