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Reviewing your Medicare plan might not be at the top of your mind, but it’s something that could make a significant difference in your healthcare costs and coverage. Medicare offers a variety of plans, and they’re not “set it and forget it.” Each year, changes can occur, whether it's in your health needs, available plan options, or even costs. That’s why it’s important to regularly review your Medicare plan. Are you asking yourself, “Do I need to review my Medicare plan?” If so, the answer is yes. Why Should You Review Your Medicare Plan? Medicare plans are not static. They can change yearly in terms of costs, coverage, and the network of providers. Even if you’ve been satisfied with your plan in the past, it’s important to review it annually to ensure it still meets your needs. Here are some reasons why you should consider reviewing your Medicare plan: Your Health Needs May Have Changed As you age, your health may change, and with that, your Medicare needs. For example, you may require more medical care or need new prescriptions. Your current plan might not cover these services or prescriptions, or there might be a better plan available that offers the coverage you need at a lower cost. Reviewing your plan annually ensures that you're covered for any new or ongoing health concerns. Costs Could Increase or Decrease Every year, Medicare plans can adjust premiums, co-pays, deductibles, and out-of-pocket costs. These changes can vary from one plan to another. Even if the changes seem small, they can add up over time. Reviewing your plan will make you certain that you're not paying more than necessary or will help you find a plan that offers similar coverage at a more affordable price. New Plan Options May Be Available Medicare plans can change from year to year, and new plans may become available that better suit your needs. These new plans could offer better coverage or a more affordable option for the services you use most. By reviewing your plan, you have the opportunity to explore new options and make sure you're getting the best deal. Your Current Plan’s Network May Change If your doctor or healthcare provider is no longer in your plan’s network, you could have higher out-of-pocket costs or even have to switch providers. It’s important to review your Medicare plan to ensure your preferred healthcare providers are still in-network , and that you can continue to receive the care you need without unexpected costs. Prescription Drug Coverage May Change Prescription drug coverage ( Part D ) can change annually. If the medications you take are added to or removed from the plan’s formulary, your out-of-pocket costs may go up or down. A review of your Medicare Part D plan can help you avoid paying more for medications than necessary. It’s also important to check if your pharmacy is still in your plan’s network. Check our recent blog about Everything you Need to Know about Medicare Part D Changes in 202 5 . When Should You Review Your Medicare Plan? The best time to review your Medicare plan is during the Annual Enrollment Period (AEP), which runs from October 15 to December 7 each year. During this period, you can switch from one Medicare Advantage (Part C) or Medicare Prescription Drug (Part D) plan to another. You can also enroll in a plan for the first time or drop coverage altogether if it no longer meets your needs. However, it’s important to start reviewing your plan well before AEP. Give yourself time to compare your current plan with other available options, so you can make an informed decision without rushing. How Can Senior Insurance Advisors Help? At Senior Insurance Advisors, we understand how overwhelming Medicare can be, especially with all the changes and options available. Our team is here to simplify the process for you. We can help you review your current Medicare coverage and identify areas where you might be able to save money or improve your coverage. We compare plans to find the right one for your needs, whether it's Original Medicare, a Medicare Advantage plan, or a Part D prescription drug plan. We will answer your questions about coverage, benefits, and any changes that may occur in the upcoming year. We’ll help you understand your options, explain the fine print, and ensure that you’re making the best choice for your health and budget. Ready to Review Your Medicare Plan? Don’t wait for changes to catch you by surprise. Take the time now to review your Medicare plan and make sure you’re getting the coverage you need. Contact Senior Insurance Advisors today for help reviewing your current plan or comparing options for the upcoming year. Our expert team is ready to help you find the best Medicare plan for you.
As we approach 2025, significant changes are on the horizon for Medicare Part D that will impact how prescription drug coverage is managed for seniors. In this blog, we'll breakdown the upcoming changes mandated by the Centers for Medicare & Medicaid Services (CMS) and what they mean for you or your loved ones. Here is everything you need to know about Medicare Part D Changes in 2025. How is Medicare Part D Changing in 2025 1. Prescription Payment Plan Beginning January 1, 2025, the Inflation Reduction Act mandates all Medicare Part D plans, including standalone Medicare prescription drug plans and Medicare Advantage plans with prescription drug coverage, to offer a Prescription Payment Plan. This plan allows enrollees to pay out-of-pocket prescription drug costs through capped monthly installment payments instead of all at once at the pharmacy. This option is particularly beneficial for those facing high cost sharing early in the plan year, as it spreads out expenses over time. 2. Removal of Coverage Gap/Donut Hole Thanks to the Inflation Reduction Act, starting in 2025, annual out-of-pocket costs for Medicare Part D enrollees will be capped at $2,000. The coverage gap (commonly known as the "donut hole") will now be eliminated. This means you will no longer experience a gap in coverage where you are responsible for higher out-of-pocket costs for prescription drugs. 3. Impact on Prescription Drug Costs Seniors enrolled in Medicare Part D can expect potential savings on their prescription drug expenses due to these changes. The redesigned benefit structure aims to address the rising costs of medications and ensure that beneficiaries have access to necessary treatments without facing excessive out-of-pocket expenses. What You Need to Do As these changes take effect, it's important for Medicare beneficiaries to stay informed and proactive. Here are steps you can take to stay ahead of the curve: Review your current Medicare Part D plan to understand how it may be affected. October 1st start consulting with a trusted insurance advisor to explore new plan options that align with your healthcare needs and budget. Stay updated on communications from CMS and your healthcare providers. Look out for your Annual Notice of Change letter from your carrier in September, which will detail any coverage and cost changes effective January 1st. Senior Insurance Advisors is Here to Help At Senior Insurance Advisors, we specialize in navigating Medicare and are dedicated to helping you understand and benefit from these new Medicare Part D changes. Our team can provide personalized guidance, evaluate your coverage options, and ensure you have the right plan in place for 2025 and beyond. The upcoming changes to Medicare Part D in 2025 represent a huge step forward in enhancing prescription drug affordability and access for seniors. By staying informed, you can navigate these changes confidently and ensure that your healthcare needs are met effectively. To schedule a free consultation and learn more about how these changes may impact you, contact Senior Insurance Advisors today. We're here to support you in making informed decisions about your Medicare Part D coverage.
We are licensed and represent plans and carriers in AZ, CO, IA, KS, MN, MO, NE, SC, SD, TX, and WA. The following disclaimer is for Lancaster county in Nebraska, where we reside.
We do not offer every plan available in your area. Currently we represent 8 organizations which offer 53 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all your options.Not affiliated with or endorsed by the government or federal Medicare program. Participating sales agencies represent Medicare Advantage [HMO, PPO, PFFS, and PDP] organizations that are contracted with Medicare. Enrollment depends on the plan’s contract renewal. By providing the information above, I grant permission for a licensed insurance agent to contact me regarding my Medicare options including Medicare Supplement, Medicare Advantage, Prescription Drug plans.