Ghester
Insurance
Top 5 Changes to Expect During Medicare Open Enrollment
September 19, 2024
As Medicare’s open enrollment approaches, it’s essential to stay informed about upcoming changes that could significantly impact your healthcare costs. At G Hester Insurance, we believe that being proactive during this period can lead to substantial savings and better coverage. One major update on the horizon is the implementation of drug price reductions through Medicare’s new negotiation power. Here’s a breakdown of key changes you need to know:
1. Significant Prescription Drug Price Reductions
Under the Inflation Reduction Act, Medicare now has the authority to negotiate drug prices, leading to major price cuts for some of the most expensive medications. These reductions won't take effect until 2026, but they are expected to save Medicare enrollees approximately $1.5 billion in out-of-pocket costs. Here are some notable price drops:
- Eliquis: From $521 to $231 for a 30-day supply.
- Xarelto: Price reduction from $517 to $197.
- Januvia: Currently priced at $527, will drop to $113.
- Jardiance: From $573 down to $197.
- Enbrel: A rheumatoid arthritis medication, will decrease from $7,106 to $2,355.
2. Increased Focus on Preventative Services
Medicare continues to expand coverage for preventative services, encouraging early detection and prevention of serious health conditions. From cancer screenings to wellness visits, these services may now be covered at no additional cost, depending on your plan. This means that staying healthy could become even more affordable.
3. Expanded Telehealth Coverage
The pandemic has accelerated the use of telehealth, and Medicare has responded by expanding its coverage for these services. Whether you need a routine check-up or a consultation with a specialist, more providers are offering telehealth as an option, giving you flexibility and convenience in managing your healthcare from home.
4. Updates to Medicare Advantage Plans
If you’re enrolled in a Medicare Advantage plan, be on the lookout for changes in your benefits. Some plans may offer additional perks such as transportation to medical appointments, gym memberships, and expanded dental or vision coverage. However, premiums and co-pays may also change, so it’s crucial to review your plan during open enrollment.
5. New Out-of-Pocket Maximums
In 2026, there will be adjustments to the out-of-pocket maximum for Medicare Part D, the prescription drug coverage plan. This could affect how much you pay for your medications in the long term, so understanding these changes is essential when reviewing your Part D coverage options.
By staying informed about these changes and reviewing your plan during open enrollment, you can ensure you’re making the best decisions for your healthcare and budget.
Schedule a Consultation
At G Hester Insurance, we're here to help you navigate these changes. Contact us today to schedule a consultation and discuss how these updates may affect you. Together, we’ll ensure you’re prepared for the upcoming enrollment period.
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