As many of us depend on Medicare for our healthcare needs, it’s essential to stay updated on new developments, especially as some recent changes may affect coverage, costs, and choices for seniors. Here’s a look at some of the recent Medicare news that could very well impact you

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Rising Medicare Premiums in 2025

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• In January 2025 Medicare Part B premiums have been increased

• This monthly premium covers doctor visits and outpatient care, and the increase could take a larger portion of our Social Security checks

• For many, this change will require budgeting adjustments, especially as other healthcare expenses rise.

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Changes to Prescription Drug Coverage

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• While Medicare has added some important new protections, such as a $2,000 cap on annual out-of-pocket drug costs (set to start in 2025), some changes to Part D plans mean premiums and copays for prescription drugs could increase for certain medications in 2024. It’s more important than ever to review your Part D plan to ensure it covers your prescriptions at a reasonable cost.

• Good News: Insulin copay costs are now capped at $35 per month for all Medicare beneficiaries, so if you’re diabetic, this can be a big help.

 

Medicare Advantage Plans Under Scrutiny

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• Many seniors have opted for Medicare Advantage (MA) plans due to their added benefits and lower premiums. However, new reports show some MA plans have been slow in approving necessary treatments or denying certain services, leaving some seniors with unexpected out-of-pocket costs.

• If you’re considering a Medicare Advantage plan or already enrolled, carefully review the plan’s network and the fine print to ensure it will meet your healthcare needs.

 

Watch for Medicare Fraud and Scams

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• Medicare scams are increasing, with fraudsters targeting beneficiaries through calls, emails, and texts, often pretending to be Medicare representatives. Remember, Medicare will never call you directly and ask for personal information or payments. If in doubt, hang up and contact Medicare directly.

 

What You Can Do Now

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• Review Your Medicare Plan Annually: Every fall, during Medicare’s open enrollment period (October 15 to December 7), review your current plan and compare it to other available options. This ensures you’re getting the best coverage at the best cost.

• Stay Informed: Sign up for updates directly from Medicare or trusted senior advocacy groups to receive accurate information.

• Reach Out for Help: If you need guidance, reach out to your local State Health Insurance Assistance Program (SHIP) or a trusted financial advisor specializing in Medicare.

 

Staying Prepared

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Changes to Medicare can be challenging, but staying informed will help you make the best choices for your health and budget. Please don’t hesitate to reach out to your healthcare provider or a trusted advisor if you have questions.

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Wishing you good health and peace of mind,

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The Advantage Seniors Team

K2 Kirstein & Kushnir, L.L.C.

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