Happy New Year & Best Wishes for a Beautiful 2025
Hi, Friend!
I hope you had a beautiful Christmas holiday with your loved ones. I’m extremely grateful for all that 2024 brought to my life, and I hope you had a wonderful year too.
For those of you who may have changed your coverage during the Medicare AEP, you should have received your new insurance cards by now.
- Did you receive them?
- Do you have any questions about your coverage?
- Do you have any concerns about your new plan?
As always, call me at 804-516-4822 or email me at [email protected] to schedule an appointment to discuss your health or life insurance needs.
Part D Changes for 2025
Elimination of the Coverage Gap
Starting January 1, 2025, there will no longer be a “Coverage Gap” phase of your prescription coverage.
Once your out-of-pocket spending reaches the $2,000 limit, instead of going into the Coverage Gap (where you previously paid 25% of the cost of covered drugs), you will automatically enter the Catastrophic phase, where covered drugs are at no-cost to you.
Formulary Updates
Covered insulin is capped at $35 per 30-day supply on ALL Part D and MAPD plans – must be included in the plan’s formulary.
Many adult vaccines that are recommended by the Advisory Committee on Immunization Practices (ACIP) are covered at no-cost under your Part D coverage at the pharmacy.
Prescription Payment Plans
Spread your out-of-pocket Medicare Part D costs across the calendar year (Jan-Dec).
Starting in 2025, anyone with a Medicare drug plan or Medicare Advantage plan with drug coverage can use this payment option.
All plans offer this payment option and participation is voluntary.
You can sign up for this program at anytime before your coverage becomes effective on the enrollment form, or after your coverage begins.
When you fill a prescription for a covered drug, you won’t pay your pharmacy. Instead, you’ll get a bill each month from your health or drug plan.
Your monthly bill is based on what you would have paid for any prescriptions you get, plus your previous month’s balance, divided by the number of months left in the year – all plans use the same formula to calculate your monthly payments.
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Every month, I send an informational newsletter to my subscribers including healthy aging tips, Medicare and other insurance information, and more. You can see content from my latest email below, but I’d love to have you subscribe today so you can receive future months directly in your inbox!
