This is an IMPORTANT NOTICE for everyone with Medicare Advantage and Prescription Drug Plan.
If you’ve been my client, you received an email last week about annual notice of change (ANOC), please make sure you received that and even more importantly, make sure you get that ANOC letter from your insurance company and review it. If you have Not received it, call them and they’ll send it to you, unless you have online account access and can get it through your portal.
Having said that, there is another very important change coming to everyone with Medicare Advantage and Prescription Drug plan as follows:
“Your yearly Part D out-of-pocket costs will be capped at $2,000, starting in 2025. You’ll also have the option to pay out-of-pocket costs in monthly amounts over the plan year, instead of when they happen.” This means that previously, there was a DRUG GAP Stage that had a threshold of $5,030, after which your (out of pocket) payments increased considerably on your Tier 3 (and up) brand name drugs. In 2025, that will change your max being $2000 after which you’ll never go into that Gap Stage (eliminated in 2025), which is mostly good news for most folks. However, keep in mind that your premiums may increase due to this; therefore, it is URGENTLY Important to REVIEW your current plan and SHOP and Enroll into a different one, if you see one that serves you better than your current plan.
I will be sending out another email Next week giving you instructions as to HOW to SHOP and ENROLL in Drug plans (either through Medicare.gov or my website or even just calling Medicare, I’ll give the details in that email), so stay tuned for that email coming up. No one can shop or enroll or do any changes until AFTER October 15, and that’s why I’m giving you an advanced notice to plan ahead and spend some time doing these vital things in order to make sure you’re in your most desired plan positioning effective 1/1/2025 😊
To see the FULL details of related changes, please click this link and it will take you to that page within Medicare.gov, where you’ll find the information you’ll need with further links to get as much of details as you wish, https://www.medicare.gov/about-us/prescription-drug-law