5 Things to Know During Medicare Annual Election Period

1. Read your Annual Notice of Change (ANOC).

Medicare Advantage plan carrier. Any changes to your plan premium, co-pays, benefits and coverage will be outlined. If you are ok with those changes you may do nothing and continue with that plan and plan coverage with the changes for next year.

If you are not happy with the changes and would like to look at other plan options you must do so between Oct. 15th-Dec. 7th. You must apply for a new plan during these dates. Your new plan will take effect January 1st. 

2. There are major changes to Part D Medicare Drug coverage in 2025.

The donut hole/coverage gap has been eliminated and the maximum out of pocket for medications has been reduced to $2,000 annually. While these are positive changes, the impact of these changes will shift cost to plan carriers. This is expected to possibly increase plan premiums for Part D and we may also see some carriers no longer offering Part D or reducing the plan options they offer. This is another reason to carefully review your Annual Notice of Change. 

3. Part D Plans in 2025 will all have a maximum out of pocket limit of $2,000 for medications.

The important thing to note about this is that this limit will only apply to those medications on that plan's FORMULARY. If you fill medications that are not on your plans formulary, the cost of those medications WILL NOT go towards your $2,000 maximum.

It will be VERY IMPORTANT to verify that all of your current medications are on your Part D Drug Plan's formulary for 2025. 

4. Due to all of these major changes it is expected that marketing during the Annual Election Period will increase. 

Please remember that Medicare WILL NOT call you. Anyone stating they are from Medicare or represent Medicare via phone call is not being truthful. Medicare will also not call you and tell you that you need a new Medicare card or number. Please seek out help in evaluating your plan options from a trusted organization or agent. 

5. DO NOT give your Medicare number out over the phone unless you are enrolling in a new plan.

The only reason for someone to request your Medicare number is to enroll you in a new plan option. 

Source: Karen Cripps, licensed insurance agent with Insurance House in Marion and a member of the Healthy Seniors Action Team. She has 15 years of insurance experience and specializes in Medicare Supplements, Part D Drug Plans and Health Insurance. 618.997.1311.