2025 Medicare Changes: what to expect

The Inflation Reduction Act that was signed into law August 16, 2022, has gradually adjusted the Medicare Prescription Drug (Part D) program since January 2023. This law will be fully implemented on January 1, 2025.

Although the Inflation Reduction Act was an attempt to lower the cost of prescription drugs, it shifts financial burden from Medicare onto the Insurance Companies and PBMs (Pharmacy Benefit Managers who manage the drug plans). This transfer of cost may negatively affect many Medicare Part D Prescription Drug Plans and Medicare Advantage Plans (Part C) going forward.

This interactive session will dive into:

• The most significant changes in Medicare since 2006, including a $2,000 Max-out-of-Pocket for Prescription Drugs under Medicare
• Prescription Drug Payment plan, which is newly introduced for the 2025 Plan year
• Potential unintended consequences, including:     
  • Increased Premiums
  • Fewer Plan Choices
  • Increased Co-pays, Deductibles and Co-Insurance
  • Increased Drug Utilization Policies

   

It is important to understand these changes and how they may affect your Medicare plan as you prepare for the upcoming Annual Enrollment Period which runs from October 15th through December 7th.

About The Expert:

Andy Firmin is the Managing Director at Benefit Advisors Group, a benefits enrollment and Insurance Agency based on in north andover, MA. Andy has nearly 20 years of financial services experience and has a specific focus on providing an overview and understanding of your health coverage in a way that helps protect your financial wellness.