Medicare Part D improvements
By Mimi Vanderhaven
In response to the Inflation Reduction Act, for the first time in 2025, all Medicare prescription drug plans (Medicare Part D plans) will offer enrollees the option to pay out-of-pocket prescriptions drug costs in the form of capped monthly installment payments instead of all at once at the pharmacy.*
Additionally, the Centers for Medicare & Medicaid services (CMS) is detailing improvements to the structure of the Part D drug benefit for the coverage year 2025 that will result in lower drug costs for millions of people with Medicare. Annual out-of-pocket costs will be capped at $2,000 for people with Medicare Part D.*
When you first sign up for Medicare, and during certain times of the year, you can choose how to get your Medicare coverage. The two main ways are Original Medicare, in which you can join a separate Medicare drug plan to get Medicare drug coverage (Part D), or you can sign up for Medicare Advantage, a Medicare-approved plan from a private company that offers an alternative to Original Medicare for your health and drug coverage.
If you currently have Medicare coverage, keep an eye out for the Annual Notice of Change that arrives in September and create an updated medication list.
Together we can review any changes as they apply to you and your individual situation so you can make an informed decision for 2025.
With your Medicare review taken care of before the Annual Enrollment Period, you’ll avoid the crunch and together we can quickly find an alternate plan, if needed, that best meets your needs.
Kathy Carvin, a licensed insurance agent with HealthMarkets Insurance Agency, has offices at 10512 Northfield Road, in Northfield, and 28881 Lorain Road, in North Olmsted. Call 216-375-5902.
To schedule an in-person appointment with Bernie Davidson, call him directly at 216-798-1140. Bernie will meet with you wherever you’re comfortable, including Zoom.
HealthMarkets North Olmsted is located at 4679 Great Northern Blvd., in North Olmsted. Hours are Monday-Friday, 9 a.m.-5 p.m.. Other times by appointment. To get started with your free review, call Mike Felice directly at 440-378-4210.
To reach Doug Johnson, of HealthMarkets Insurance Agency, call 330-591-4998.
You can reach licensed insurance agent Carl Lishing at 216-228-0765. HealthMarkets Insurance Agency is located at 16506 Detroit Avenue, in Lakewood. Office hours currently by appointment. Find out more at ClevelandInsurance.info.
HealthMarkets Insurance Agency is located at 9551 Vista Way in Garfield Hts. To reach Scott McEvoy or a member of his team, call 216-815-1850. Virtual, phone and office appointments are available.