Understand your coverage for the New Year:
Understand Plan Changes: If you switched plans during the Annual Enrollment Period (Oct. 15 - Dec. 7), make sure you understand your new benefits, premiums, deductibles, and out-of-pocket costs.
Check Your ID Cards: Ensure you have the correct Medicare and insurance cards for 2025, including any updated cards for Medicare Advantage, Part D, or Medigap plans.
Understand Your Prescription Coverage
Check Formularies: Confirm that your medications are still covered under your Part D or Medicare Advantage plan and note any changes in pricing or coverage.
Use Preferred Pharmacies: If your plan has preferred pharmacies, using them can help you save on prescriptions
Maximize Additional Benefits
Many Medicare Advantage plans offer extras like dental, vision, hearing, fitness memberships, and over-the-counter allowances. Take advantage of these benefits if they're included in your plan.
Understand Costs and Budget
Be aware that the standard Medicare Part B premium increased to $185/month and the Part B deductible is $257/year in 2025
Plan for your out-of-pocket expenses, especially if you have high-cost medications or medical services scheduled. A new benefit for 2025 is a $2,000 cap on prescriptions.
Update Personal Information
Ensure your contact information is up-to-date with Social Security, Medicare, and your insurance providers to avoid missing important communications.
Seek Guidance if Needed
If you're unsure about your coverage or need help with changes, reach out to a licensed Medicare advisor, like Midwest Medicare Advisors, for personalized assistance.
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