Roughly 2 million Medicare Advantage beneficiaries nationwide are expected to face coverage disruptions.
Significant changes are coming to Medicare Advantage (a Medicare plan offered by private insurance rather than the government) and Medicare Part D prescription drug plans. It’s essential to understand how your coverage will—or won’t—work for you in 2025.
Due to adjustments under the Inflation Reduction Act (IRA), around 2 million seniors will lose access to their Medicare Advantage plans and will need to enroll in a new health insurance plan.
For Medicare beneficiaries with Part D drug coverage, there’s a new $2,000 cap on prescription drug costs starting in 2025.
“Roughly 2 million Medicare Advantage beneficiaries nationwide are expected to face coverage disruptions,” Susan Reilly, vice president of communications at Better Medicare Alliance, told The Epoch Times in an email.
“While some Medicare Advantage plans may no longer be available in 2025, it’s important for seniors to understand that they still have choices. Our advice is to use this opportunity to carefully evaluate new plan options available in your area.”
Open enrollment runs through Dec. 7, 2024. During Medicare open enrollment, retirees can make various changes to their coverage. They may switch from Original Medicare (Parts A and B) to a Medicare Advantage plan, or change between different Medicare Advantage
Original Medicare includes hospital care (Part A) and doctor services (Part B), with the option to add prescription drug coverage (Part D) or supplemental insurance (Medigap) for additional out-of-pocket protection.
Alternatively, beneficiaries can opt for a private Medicare Advantage plan, which combines Parts A and B and may offer extra benefits like vision, dental, hearing, and prescription drug coverage.
Here are key changes experts say to watch for this fall.
Changes to Medicare Advantage Plans
1. Providers Are Dropping Plans: Insurers are cutting or consolidating Medicare Advantage plans, and around 2 million Americans will be affected. If your plan is discontinued, you will have received an “Annual Notice of Change” letter, a spokesperson from the Centers for Medicare & Medicaid Services (CMS) told The Epoch Times in an email.
Read Full Article on TheEpochTimes.com
