Jacksonville, Florida – Big changes are in store for Medicare Advantage patients in 2025 as Medicare’s open enrollment period begins Tuesday.
It's a good idea to review your plan and coverage now to avoid being caught by surprise next year.
Changes to Medicare planned for next year will affect thousands of seniors, resulting in higher out-of-pocket costs, higher deductibles for prescription drugs, and fewer supplemental benefits.
More than 1.8 million Medicare Advantage members are enrolled in plans for 2024 that won't be available in 2025, according to one study. Analysis of Oliver Wyman.
Mike Harper has been in the insurance business for more than 50 years with Haskell Harper LLC in Atlantic Beach. Harper sent a letter to customers ahead of Medicare's open enrollment period, warning them not to sign up for Medicare Advantage plans, which often offer $0 monthly premiums.
“We want them to know they have options,” Harper said. “I want them to be educated about these options and not get sucked into the free medical, free dental, free vision. I mean, that's good. That's a nice benefit, isn't it? But it's… What is it really worth?”
The letter also explains Harper's sudden withdrawal from work after receiving a life-changing cancer diagnosis this summer. He is currently receiving hospice care and his will is to warn seniors against enrolling in Medicare Advantage plans.
“What I recommend to people is if you're looking for another cost-effective option, go for a high-deductible plan, a high-deductible F or G plan, depending on when you were born. '' Harper said.
Our advice to seniors is to read the annual change notice to find out what may change. This year, more than 16 million enrollees have plans with no deductibles for any drugs. However, by 2025, more than 45% of these members will be eligible for deductions for at least some medicines.
Harper urges everyone to take open enrollment seriously. Anyone can change their own coverage. Medicare.gov and compare those options.
“It's just that these plans are being promoted without talking about their impacts or downsides. [They] Never talk about the fact that once you get into a plan, you may not be able to get out of it. If you're not happy with the fact that your doctor won't accept it, you'll have to go through the underwriting process, but it may be too late to change. ”
If you have a Medicare Advantage plan, you must actively select a new plan by December 7th if you wish to change. If no election is made and coverage is no longer offered next year, you will be enrolled in traditional Medicare.
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