Cindy’s Reflections November – December 2024

by | Letters

November Reflections: Gratitude and Guidance

As we near the end of the Annual Election Period, I want to reflect on what has been an unprecedented season for Medicare changes. The Inflation Reduction Act (IRA) required carriers to re-evaluate their plans, leading to shifts in Prescription Drug Costs and coverage designs. Some carriers added deductibles to Medicare Advantage Part D plans, while others adjusted copays to coinsurance or even phased out plans altogether. 

For clients taking Tier 3 or higher medications, this meant a thorough review to ensure the best coverage. Additionally, nearly all clients with standalone Prescription Drug Plans saw premium increases, as outlined in their Annual Notice of Change (ANOC). Many formularies were also reduced, impacting the list of covered medications.

 

Key Deadlines to Keep in Mind:

    • – Standalone Prescription Drug Plans: The Annual Election Period (ending December 7, 2024) is the only time to make changes.
    • – Switching from Supplemental to Medicare Advantage: Now is the time to act if you’re considering this option.
    • – Sunsetting Plans: If your plan is no longer available in 2025, such as the Aetna Medicare Advantage Choice Plan or certain UnitedHealthcare PPO plans, you must take action before December 7 to avoid defaulting to Original Medicare.

    We’ve worked diligently to reach out to clients needing immediate changes and are here to help you make informed decisions as the deadline approaches.

    Looking Ahead:

    If you’re on a Medicare Advantage Plan and curious about whether it’s still the best fit, the Medicare Advantage Open Enrollment Period (January 1–March 31, 2025) provides additional time to evaluate your options after the holiday season.

    As we enter the final stretch of the Annual Election Period, we want to thank you for trusting us to guide you through these significant changes. Your confidence in our team means everything, and we are honored to be part of your health journey.

    From our family to yours, we wish you a warm and joyful Thanksgiving filled with gratitude, connection, and celebration.

    Warm regards

Cindy Santos-Mendoza

West Compass Insurance

https://www.facebook.com/westcompassinsurance

 

 

 

For more information about Medicare visit: https://westcompassinsurance.com/medicare-basics/