By LOIS KINDLE
The annual Medicare Annual Enrollment Period is Oct. 15 through Dec 7, and it’s important for seniors to review their current coverage, evaluate options available to them and make any changes before the Dec. 7 deadline.
“This year will look a little different than in past years as the Inflation Reduction Act, signed into law Aug. 16, 2022, goes into effect in January,” said Marcie Maisonet, of the Bayside Insurance Group. “It will provide financial relief for millions of Americans through improvements to Medicare that will expand benefits, lower drug costs, keep prescription drug premiums stable and improve the overall strength of the Medicare program.”
Bill Kidwell, an independent agent for United Healthcare, agrees.
“Part D for 2025 substantially changes how Medicare works,” he said. “The out-of-pocket maximum has been reduced from $8,000 annually to $2,000, and there’s no longer a coverage gap or donut hole. If there’s a deductible involved, which depends on the plan you buy, the amount you pay is applied against the $2,000 maximum. What the insurance company pays also goes toward the maximum out-of-pocket.”
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Bill Kidwell, independent agent for United Healthcare
Medicare will be able to negotiate directly with drug manufacturers to lower the price of some of the costliest brand-name medications that fall under Medicare Part B and Part D drugs. This means people with Medicare will have increased access to life-saving treatments, and the costs will be lower for both them and Medicare. Once the new, lower prices take effect in 2026, all Medicare enrollees are expected to save an estimated $1.5 billion dollars.
“In 2025, insulin will be available for $35 a month, per covered prescription, recipients will have access to an expanded list of vaccines without cost sharing and [as previously mentioned] have a yearly cap of $2,000 on out-of-pocket drug costs in Medicare part D,” Maisonet said. “In 2026, the first few negotiated medications under the Inflation Reduction Act include Eliquis, Jardiance, Xarelto and Januvia, which will be such a positive benefit for millions of people.
Choosing the right coverage for your financial and medical needs is critical in the changing world of Medicare.
LOIS KINDLE FILE PHOTO
Medicare specialist Marcie Maisonet, of the Bayside Insurance Group, will be hosting four local seminars on your Medicare options and the 2025 changes to Medicare Part D at Kings Point and Payant Wealth Management, Oct. 2 and 17 and Oct. 8 and 11, respectively.
To learn more about the 2025 Part D changes and get other information about your Medicare coverage options, join Maisonet or Kidwell at one of their free informational seminars.
Maisonet is hosting meetings at 10 a.m., Oct. 2 and 17 in the Ripple Room at the Kings Point North Clubhouse, 1900 Clubhouse Lane, and Oct. 8 and 11 at Payant Wealth Management, 1653 Sun City Center Plaza, Sun City Center. To reserve a seat or arrange a free, one-on-one consultation, call 813-634-7001 or 813-416-5957.
Kidwell’s meetings will take place at 10 a.m., Oct. 15 and Nov. 12 in the same room, same location. To arrange a free, one-on-one consultation with him, call 813-459-1239 or email bill.kidwell@yahoo.com/.