Submitted by Stephanie Pogue, CEO and Founder of St. Louis Insurance Group, Certified Medicare Insurance Planner.
Receiving daily calls claiming urgent Medicare updates are happening can make you feel overwhelmed and uncertain. As Medicare undergoes some changes due to the Inflation Reduction Act, get accurate information from trusted sources.
Consult a local licensed Medicare broker to review the latest comprehensive Medicare updates.
2024 Changes
Insulin Cost Cap: One of the most significant updates for 2024 is the cap on insulin costs of $35 for a one-month supply.
Vaccine Coverage: Original Medicare has expanded its coverage to include all recommended vaccines at no cost to beneficiaries.
$0 Cost in the Catastrophic Phase: In 2024, once you exit the “donut hole,” you will no longer incur additional costs.
Expansion of the Extra Help Program: Depending on your annual income, you may qualify for reduced prescription costs through the Extra Help program.
Upcoming Changes in 2025
Elimination of the “Donut Hole” and Introduction of an Out-of-Pocket Cap: The notorious “donut hole” in Medicare Part D prescription plans will be eliminated in 2025. In its place, there will be a $2,000 maximum out-of-pocket cap on prescription costs.
New Medicare Prescription Payment Plan: Beneficiaries who spend more than $600 monthly on any prescription can opt into the new Medicare Prescription Payment Plan. This plan allows the cost of expensive medications to be spread over the year rather than paying a lump sum at the pharmacy.
Drug Price Negotiation: The Inflation Reduction Act has introduced drug price negotiations between Medicare and pharmaceutical manufacturers.
Drug Inflation Rebate Program: Under this program, drug companies that raise prices faster than the rate of inflation will be required to pay rebates to the Medicare Trust Fund.
Conclusion: The upcoming changes to Medicare are set to make prescription costs more manageable. Review your plan’s “Annual Notice of Change” document to understand how your prescription costs will be affected in the coming year. If you have any questions or need to review your plan, reach out to a licensed Medicare broker.
Stay proactive and take advantage of these beneficial updates to ensure you get the most out of your Medicare coverage and control your healthcare expenses.
Stephanie Pogue Certified Medicare Insurance Planner® (636-778-2999) is not endorsed by or affiliated with Medicare or the federal government, and does not offer every plan in each area. You can contact Medicare.gov, 1-800-Medicare, or your local State Health Insurance Program for all of your options.
