2024 AEP Includes Important Prescription Drug Coverage Changes
Hi, friend!
The Medicare Annual Enrollment Period (AEP) will be open from October 15 to December 7, 2024. During this time, those eligible for Medicare can enroll or make changes to your existing coverage.
There are also some exciting improvements to Part D coverage for 2025 related to the Inflation Reduction Act.
Changes include:
- The option for monthly installment payments for out-of-pocket expenses
- Manufacturer discount programs
- Insulin and vaccine benefits that began in 2023, including those with Part D paying no more than $35/month per covered insulin product.
- The coverage gap phase (also known as the “donut hole”) will be eliminated, which will result in standard Part D coverage consisting of a three-phase benefit: a deductible phase, an initial coverage phase, and a catastrophic phase. There will be no initial coverage limit, and the initial coverage phase will extend to the maximum annual OOP threshold, at which point the catastrophic phase will begin. Instead of the donut hole, there will be a cap of $2,000 per year for out-of-pocket prescription costs.
Read More About Part D Changes for 2025
Save the Date!
We are hosting a Senior Medicare Education Forum with the Refiners’ Life Stage at St. Paul’s Baptist Church during AEP on Saturday, November 2 from 10am to 12pm. This educational event will be free with light refreshments provided.
September is Healthy Aging Month
As seniors, it’s important to do what we can to maintain our health as we age. This includes maintaining a healthy diet, exercising regularly, reducing stress, following a preventive care and screening schedule, and more.
I love helping my clients navigate all of their Medicare choices, Medicare Advantage, Medicare supplements, hospital indemnity, and life insurance needs. But, I also love providing tips and information to help us ALL stay healthy as we age. Have a great month, friends!
As always, I’m here for you and am happy to answer any questions you have. ❤
Call me at (804) 516-4822 or email [email protected].
Leigh
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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!
