Thursday, October 10, 2024
Medicare open enrollment for 2025 will take place from Tuesday, October 15, 2024, through December 7, 2024. Changes made during this time will go into effect on January 1, 2025. Medicare open enrollment – also known as the annual election period (AEP) or annual coordinated election period – refers to an enrollment window that takes place each fall, during which Medicare plan enrollees can reevaluate their existing Medicare coverage — whether it’s Original Medicare with supplemental drug coverage, or Medicare Advantage — and make changes if they want to do so.
One of the significant changes in 2025 is the introduction of a $2,000 cap on out-of-pocket costs for prescription drugs covered under Medicare Part D plans and Medicare Advantage plans that include drug coverage. This cap does not apply to premiums or drugs not covered by the plan, so it’s essential to check if your medications are included. This change is expected to benefit millions of beneficiaries by providing more predictable drug costs.
Additional changes for 2025 include:
- The cost of insulin products will remain capped at $35 per month.
- Medicare Part D enrollees will not have to pay for recommended vaccines.
- There will be an increase in eligibility for the full Medicare Part D Low-Income Subsidy.
- The Medicare Part B premium is projected to increase to $185 per month (up from $174.70 in 2024), and the Part B deductible is projected to be $257.
- The maximum allowable out-of-pocket costs for Medicare Advantage plans will increase to $9,350 for in-network services.
- Average premiums for Medicare Advantage and Part D plans are expected to decrease slightly.
These changes, driven in part by the Inflation Reduction Act, aim to reduce costs and expand access to care for Medicare beneficiaries. It’s highly recommended to review your plan during this open enrollment period to ensure you have the best coverage for your health and financial needs in 2025.
Where Can I Get Help?
If you would like assistance reviewing your options on the Plan Finder, Senior Health Insurance Assistance Program (SHIP) counselors are available to guide you. This program provides local, in-depth, and objective insurance counseling and assistance to Medicare-eligible individuals, their families, and caregivers. For more information, visit our website here.
AgeGuide also has a variety of videos about Medicare on YouTube. These videos include how to use the Medicare Plan Finder, find care providers, find a new Medicare plan, and more! These videos are available in English, Spanish, Polish, Chinese, Hindi, Urdu, and Tagalog. Also, be sure to check out the Medicare Minute episodes with Val Guzman, AgeGuide’s Benefit Access Specialist.
Lastly, call your local SHIP site for help. Follow this link to find your local SHIP site.
Additional Resources
5 Actions to Take for 2025 During Medicare Open Enrollment
Medicare Open Enrollment 2025 Guide
