With so many Medicare options available, selecting a plan can seem daunting. This year, you may wonder how news of Medicare drug price negotiations, economic uncertainties and other factors may impact your coverage in 2025.
Medicare is the government health insurance program for Americans 65 and older and others who qualify. It provides hospital coverage (Part A) and physician visits (Part B) to beneficiaries. Additionally, various options coordinate with original Medicare, such as Medicare Supplement plans and Prescription Drug Plans, or replace original Medicare with Medicare Advantage (MA) plans combined with Prescription Drug Plans.
This year’s Medicare Annual Enrollment Period (AEP) takes place between Oct. 15-Dec. 7, here’s what Cigna Healthcare, which serves millions of Medicare customers nationwide, wants you to know:
1. Check for plan changes: If your current plan works for you, you can likely keep it. However, reviewing your strategy for every AEP is a good idea, especially if you’ve experienced major life, health, or financial changes. Any changes to your current plan will be outlined in your Medicare plan’s Annual Notice of Change (ANOC) letter, which you can expect to receive in September.
2. Research your coverage: There are a few key things to watch when shopping for a plan. One of them is whether your favorite providers and specialists will be in-network. You should also review each plan’s formulary, which is the list of drugs covered under the plan. You’ll want to find a plan covering your current medications and any you anticipate your doctor prescribing over the year ahead. Finally, carefully consider your total spend for your prescription drug plan coverage (i.e., premiums plus pharmacy costs) since the maximum out-of-pocket costs for drugs you utilize will be capped at $2,000 in 2025.
3. Look for value: No matter the economic outlook, selecting a plan that provides excellent value is wise. To that end, you may want to consider an MA plan, which offers quality and affordability. MA plans cover everything original Medicare does, including dental, vision and hearing benefits, prescription drug coverage, and other extras like over-the-counter drugs, transportation to doctor’s visits and pharmacies, healthy grocery purchases, and fitness services. MA plans are often available with $0 premiums, but you’ll also want to check on what your annual out-of-pocket costs could be based on your health status.
4. Understand your plan: Before enrolling in a particular plan, ensure you understand its ins and outs. Call Medicare at 1-800-MEDICARE (1-800-633-4227) 24/7; TTY users can call (877) 486-2048 or visit the Medicare Plan Finder website at Medicare.gov/plan-compare. Refer to the State Health Insurance Assistance Program at www.shiptacenter.org for local assistance. Contact individual Medicare plans, including Cigna Healthcare, at CignaMedicareInformation.com.
“AEP is your opportunity to assess your budget and your health needs and find an option that will work for you and your lifestyle in 2025,” Ryan Kocher, chief growth officer for Cigna Healthcare Medicare, said.
