What to Do After Medicare’s Annual Enrollment Period Ends
June 14, 2025
The 2024 Medicare Annual Enrollment Period ended on December 7. If you switched from one Medicare Managed Care Plan (also known as Medicare Advantage Plan) to another or changed your stand-alone prescription drug coverage (Medicare Part D), your changes will go into effect January 1, 2025.
What do you need to do between now and then?
The most important thing is to notify your doctors and/or pharmacy of any changes you have made.
- Your new cards should arrive within two weeks of completing the new plan applications, but cards can go missing in the mail. If you don’t receive them by mid-December, contact your insurance agent.
- Make sure your new Medicare Managed Care Plan (Medicare Advantage Plan) card lists the correct plan and your primary physician’s name.
- If you have a new prescription drug card, be sure to speak with your pharmacist to update your records.
If you have received paperwork outlining your new benefits, check to make sure it’s accurate and keep it handy in case you need to refer to it.
It's not too late to make a change.
If you are already enrolled in a Medicare Managed Care Plan (Medicare Advantage Plan), you can make a one-time change during the Open Enrollment Period that runs from January 1 through March 31, 2025. You may also choose to discontinue your Medicare Advantage Plan and switch to a Medicare Supplement (Medi-Gap) Insurance Plan and Part D stand-alone prescription drug coverage. Any changes will remain in effect through the end of the year.
Medicare plans and your personal circumstances are always changing. That’s why we encourage you to review your plans each year to determine whether or not they continue to meet your health and wellness needs.
Now more than ever, it can be overwhelming to understand all of the options available and get the coverage that’s right for you. With over 20 years of experience, we promise you an honest and eye-opening conversation about how Medicare works and what your choices are. And we never charge for our services. Contact Bruce today to schedule a complimentary consultation.
The Annual Enrollment Period may have ended, but you will continue to get mail and see countless TV commercials promoting all the great Medicare benefits you can get. Unfortunately, most of these promised benefits are inaccurate and not available in many states.
If you want the real facts about Medicare, please give us a call. With over 20 years of experience, we promise you an honest and eye-opening conversation about how Medicare works and what your choices are. Then you can make an educated decision on what type of Medicare coverage you want. And there is never a fee. Contact Bruce today to schedule a complimentary consultation.
Did you go to the pharmacy in January and discover your prescription medications cost more? Judging by the number of calls we received from clients over the past few weeks, you were not alone.
Medicare covers most major medical needs for those 65 and older. However, some services – including vision, dental and hearing – fall outside the program’s scope.
Medicare Open Enrollment is happening now! Through December 7, 2024, those currently enrolled in Medicare can change their Medicare Managed Care Plan (also known as Medicare Advantage Plans) or stand-alone prescription drug coverage. All changes are effective January 1, 2025.
You are reviewing your latest Medicare Explanation of Benefits statement and notice you’ve been billed for a service that does not look familiar. It may simply be the result of a misunderstanding on your part about your benefits. However, it may also be fraud or abuse.
For people 65 an older, the Medicare federal health insurance program offers coverage to help pay for essentials like doctor visits, hospital stays and surgeries. While qualifying for Medicare coverage is a cause for celebration, many seniors find it extremely challenging to understand their options and get the coverage that’s best for them. Medicare has several “parts,” some of which may you may be automatically enrolled in when you qualify, and others that you must choose to sign up for. To begin with, it’s important to understand the difference between Medicare Part A and Part B.
The benefits of Medicare begin when you turn 65. But what happens if you are still working past age 65 and have no plans to retire? If your workplace offers health insurance, do you still need to get Medicare? Is there a downside if you don’t? The first step in exploring Medicare enrollment is to have a conversation with your company’s human resources department before your 65th birthday. Make sure you find out what you will need to do in terms of your health insurance coverage.
The Consolidated Omnibus Budget Reconciliation Act – known as COBRA – offers a way for workers and their families to maintain their employer-provided health insurance during situations such as job loss, a reduction in hours worked, transition between jobs, divorce, and other life events. COBRA is a valuable lifeline for many. But if you are nearing age 65 and plan to enroll in Medicare, there are some things you need to know before you decide to elect COBRA coverage in order to avoid gaps in coverage – and potentially costly penalties.
As with any health insurance, Medicare changes from year to year. However, the changes in Medicare’s prescription drug coverage for 2025 seem to have created more confusion than in years past. The Inflation Reduction Act (IRA) of 2022 Signed into law in 2022, the IRA went into effect beginning January 1, 2025. There was a lot of publicity around how the law would impact Medicare prescription drug coverage, and members received information via mail and email. Here are three of the biggest changes for 2025: 1. There is a $2,000 out-of-pocket maximum. Those with Part D plans through traditional Medicare and Medicare Managed Care Plans (Medicare Advantage Plans) with prescription drug coverage won't pay more than $2,000 over the calendar year in out-of-pocket costs for their prescription medications. There is a $590 annual deductible on most plans. Once you reach the $2,000 maximum you will pay $0 for Tiers 1, 2, 3, 4, and 5 drugs as long as they are in the formulary. (If a medication is not in the formulary, your doctor can apply for an exception.) The only cost you will incur is your monthly premium. Note that the $2,000 maximum includes your deductible, copays and what your insurance pays for. The IRA also eliminated the Prescription Drugs Coverage Gap – known as the “donut hole.” 2. Plan premiums are higher. It’s not unusual for monthly premiums to increase from year to year. However, all prescription drug plans are higher for 2025 because of the IRA – and in some cases the increases are sizable. The good news is that many people will see a significant drop in expenses because of the cap on out-of-pocket costs, as well as the elimination of the coverage gap. 3. You may be paying more for medications. The IRA resulted in changes to the prescription drug tiers as well, with certain medications moving from one tier to another in the formularies. Tiers are locked in for 2025, so it’s important to work with your pharmacist to determine the most cost-effective options. When reviewing your plans for 2026, keep in mind that each insurance company can change the formularies from one plan to another. Understanding your plan is a must. We tell our Medicare clients this all the time: when you receive your “Annual Notice of Change" (ANOC) document in September, you must read it carefully! It is surprising how many people simply toss these notices in a drawer or in the trash without reading them. Your ANOC contains detailed information about any changes in coverage and costs that will be effective in the following year. And if you are unhappy with the benefits your plan is offering – or unsure about what the changes will mean for you – THAT is the time to speak with an experienced Medicare agent who can offer guidance. Why? Because the Medicare Annual Enrollment Period (AEP) begins in mid-October. Those currently enrolled in Medicare will have the opportunity to change their current Medicare Managed Care Plans (Medicare Advantage Plans) or stand-alone prescription drug coverage. Navigating the Medicare maze can be challenging. Whether you are new to Medicare or exploring other plan options, it can be overwhelming to figure out which coverage is best for you. But you don’t have to do it on your own. With over 20 years of experience, we promise you an honest and eye-opening conversation about how Medicare works and a clear understanding of what your choices are. And we never charge for our services. Call Bruce or Marcia at 973-628-0694 to schedule a complimentary consultation.
We’ve summarized the basics of Parts A, B, C, and D to help you understand how Medicare works. Part A: Hospital Insurance Part A helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care. Part A is sometimes called “premium-free Part A” because the premium in $0 if you have been working for at least 40 quarters or 10 years, and paying your Medicare taxes. If you have health insurance from an employer, you only need to sign up for Medicare Part A. However, if the company you work for has less that 20 employees, you must also enroll in Part B. Part B: Medical Insurance Part B helps cover the costs of services from doctors and other health care providers, including outpatient care, home health care, durable medical equipment, and many preventive services like screenings, vaccines, and yearly wellness visits. There is a monthly premium for Part B. The amount is based on your adjusted gross income and it can change from year to year. For 2025, the minimum monthly premium is $185 each. The Part B deductible for 2025 is $250 for the calendar year. If you did not sign up for Part B and are planning to retire, you will need to provide Social Security with a form completed by your company confirming that you are no longer covered under their health plan. Part C: Medicare Managed Care Plan /Medicare Advantage Part C – also known as a Medicare Managed Care Plan or Medicare Advantage Plan – offers an alternative to Original Medicare (Parts A and B). These plans are run by private insurance companies approved by Medicare. Medicare Advantage Plans provide coverage for hospital stays and medical services. You need to be enrolled in Medicare Part A and B to purchase a plan (Medicare Advantage plans do not replace Part A and B.) Many plans offer additional benefits such as vision, hearing, dental, or wellness programs. Medicare Advantage Plans differ in their costs, benefits, and network restrictions. Some have a $0 premium, others charge up to $150 a month. We advise clients that the key consideration in purchasing a plan is ensuring that your doctors are in the network. Part D: Prescription Drug Coverage Part D helps cover the costs of prescription medications. This optional coverage is administered by private insurance companies that contract with Medicare. If you are enrolling in Original Medicare and/or a Supplement (Medi-Gap) Insurance plan, you will need to purchase a standalone Part D prescription drug plan at same time. Complete this step whether or not you are currently taking medication! Otherwise, you may have to pay a lifetime penalty should you need coverage down the road. While there are some exceptions, most Medicare Advantage plans include a prescription drug plan. We’ve explained the 2025 changes to Part D coverage in our March blog. Get the answers and the coverage you need. The Medicare landscape is constantly changing and so are your healthcare needs. Whether you are new to Medicare or exploring your plan options, working with an experienced Medicare agent can help you avoid confusion and – the frustration of not getting answers to your questions. With over 20 years of experience, we promise you an honest conversation about how Medicare works and what coverage might be best for you. We are never too busy to take your call or help resolve your issues, and we never charge for our services. Call Bruce or Marcia at 973-628-0694 to schedule a complimentary consultation.
