program⁴ in late July. This program will help improve premium stability for participat- ing Part D drug plans. The extra help is a voluntary opt-in for carriers, which should result in a smoother plan rollout. Premium increases will be limited to $35, less than half of the predicted 2025 Part D premium increase. This program is not available to MAPD plans. The Prescription Drug law⁵ will offer consumer savings.
MARKET CORRECTION & SHAKE UP
Lastly, Medicare Supplement plans will also see the impact, as these plans have been greatly underpriced for years. Due to the rising costs of healthcare, Medicare Supple- ment insureds may see a 10-20 percent rate increase this year. Medicare Supplement insureds can apply for a plan change anytime throughout the year, and depending on their residential state, guaranteed issue rights may be available at renewal for a plan-to-plan change.
It is expected that millions of Medicare recipients will shop and compare plans this Medicare Annual Enrollment Period (AEP). Review your Annual Notice of Changes (ANOC) and weigh costs and benefits of any plan that includes Part D coverage. MAPD carriers will see increased enrollment from low utilizers of Medicare Supplement plans trying to reduce premiums and out-of-pocket costs. AEP affects Medicare Advantage (Part C) and Medicare Part D prescription drug plans only and runs October 15 to December 7 of each year.
To learn more about your Medicare options, contact Christy Diehl at
christy@mdis4dds.com. MDIS does not offer every plan available in your area. Contact
Medicare.gov, 1-800-MEDICARE or your local State Health Insurance Program (SHIP) to get information on all your options.
REFERENCES
1.
https://www.congress.gov/bill/117th-congress/ house-bill/5376/text
2.
https://www.cms.gov/newsroom/fact-sheets/ contract-year-2025-medicare-advantage-and-part-d- final-rule-cms-4205-f
3.
https://www.cms.gov/inflation-reduction-act-and- medicare/part-d-improvements/medicare-prescrip- tion-payment-plan
4.
https://www.cms.gov/newsroom/fact-sheets/cms- releases-2025-medicare-part-d-bid-information-and- announces-premium-stabilization-demonstration
5.
https://www.medicare.gov/about-us/prescription- drug-law
ISSUE 3 | FALL 2024 | focus 19
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