Medicare

Please note: The resources on the website are provided for informational purposes only. The IPPF does not have an insurance or Medicare/Medicaid expert on staff and cannot answer any questions regarding plans or changes. If needing assistance, contact your local State Health Insurance Program (SHIP) at https://www.shiphelp.org/. If you signed up for coverage through a trusted advisor/broker, you can contact them for assistance.

Important Message Regarding Medicare Changes for 2025

Each year during Medicare Open Enrollment, it is important to review the Annual Notice of Change (ANOC) you should receive from your current Medicare prescription plan by the end of September. The Annual Notice of Change includes any changes in coverage, costs, provider networks, service area, and more that will be effective in January. 

If you did not receive these important documents by the end of September, contact your plan.

Many changes are taking place starting January 1, 2025 It is especially important to review the changes that should be detailed in the ANOC to see if your medications will still be in your plan’s formulary in 2025 to determine if your current plan is right for you. 

Open Enrollment takes place from October 15 – December 7, 2024, for plans starting on January 1, 2025

There will be many changes, especially for Part D prescription coverage, starting in 2025.

Your out-of-pocket drug costs will be capped at $2,000 for medications that are covered by your Medicare prescription Part D plan formulary. Again, make sure your medications will still be in your plan’s formulary in 2025. More details about the cap are in the resources below.

Also starting in 2025, a new optional Medicare Prescription Payment Plan (MP3) will be available to help you manage your out-of-pocket drug costs by spreading them across the calendar year (January–December). It doesn’t save you money or lower your drug costs, but this payment option might help you manage your expenses. This is optional, but you must be proactive. If you would like you did not receive a Medicare & You 2025 Handbook in the mail, you can view it at https://www.medicare.gov/publications/10050-medicare-and-you.pdf. Page 2 briefly explains what is new and important with Medicare, in general for 2025, but also refers you to other pages in the Handbook for more details. Changes for 2025 are marked with a blue NEW. Please review the changes, but especially review the changes for your prescription drug coverage (Part D).e to sign up for it.

Resources

IMPORTANT! The IPPF has compiled a list of resources available from related appropriate sources that can help explain these changes including those to Part D prescription coverage and the new optional Medicare Prescription Payment Plan. The following resources will help you learn more about the two major changes. However, this list is not exhaustive by any means. New resources may be added as we become aware of them.

To get one-on-one free help, you can contact your local State Health Insurance Program (SHIP) at 1-800-MEDICARE and say “agent” for personalized assistance, visit  https://www.shiphelp.org/ or view the list by state starting on page 114 of the Medicare & Your 2025 Handbook. Appointments will fill up fast. If you signed up for coverage through a trusted advisor/broker, please contact them for assistance.