Get prepared to be bombarded by mailings, commercials, and pretty much any other way that people can reach you in order to let you know about the upcoming changes to Medicare for 2025. Between October 15th and December 7th, those of you who have entered the ranks of Medicare know this period as Annual Enrollment Period. While I do acknowledge the fact that there will be many changes to Medicare for next year, the things that you need to consider when choosing your supplemental plan have not not. So here is a quick list of tips when deciding which direction to go for your Medicare Supplemental plan.
- Have an up to date inventory of your prescriptions. Make sure you know your dosages, frequency, etc.
- Take note of whether you are being prescribed the generic or brand name version of your prescription.
- Have a list ready of your doctors so you know if they are in network for your current plan and any plan that you may be considering.
- Verify that your pharmacy is considered a preferred pharmacy and not just a standard pharmacy.
- Make sure you know the difference between a Medicare Supplement and a Medicare Advantage plan and which one might be appropriate for you.
- Make sure you are going over your Annual Notice of Change (ANOC), which will discuss the specifics of the plan you are currently on and comes in the mail in late September.
- Finally, take some time to educate yourself on the changes for 2025. Starting next year, the Inflation Reduction Act has put a maximum out of pocket of $2000 for your prescription costs. Take some time to understand and know how this will effect you!
There are plenty of others things to consider when choosing your Medicare plan but this short list should get you started. I'm going to spend more time on how the Inflation Reduction Act will effect Medicare but for today, I did not want to overwhelm you.
Stay happy, stay healthy, stay Medicare educated and stay tuned for more details about this Annual Enrollment Period!