November is upon us, and along with pies, family gatherings, and holiday décor comes another annual event with just as much opportunity for joy and stress as the holiday season—open enrollment.

(Okay, so maybe not joy, but at the very least, satisfaction and peace of mind if you make some smart decisions.)

With this blog, we hope to minimize the “stress” element as much as possible for you. We’ll cover two major changes to Medicare in 2025, offer helpful resources for navigating open enrollment, and ensure you’re well equipped to make the best choices for your healthcare plan.

2 updates to note about Medicare 2025

As you review your Medicare options this open enrollment period, there are two important updates for the coming year that could impact your prescription drug coverage. 

• A New Cap on Prescription Drug Costs

Starting in January 2025, as part of the Inflation Reduction Act of 2022, Medicare Part D plans will include a $2,000 annual cap on prescription expenses. This cap covers your total out-of-pocket costs, including premiums. 

What does this mean for you? If you take expensive medications or multiple prescriptions, this cap could significantly reduce your costs. However, since the responsibility for covering higher expenses shifts to healthcare companies, premiums for Part D plans might increase. That’s why it’s important to review your current Medicare plan and ensure your drug coverage aligns with your needs.

• Flexible Payment Options for Drug Costs

Another positive change is the option to spread out your prescription drug expenses over the course of the year. Instead of paying a large lump sum when you pick up a costly prescription, you can opt for monthly payments, and the Medicare insurance company will bill you monthly for the medications you’re taking. Best of all, there’s no extra cost for choosing this option. 

If you’re uncertain whether you should make updates to your Medicare plan this year, consider the chart below.

Tips for Open Enrollees

Whether you’re on a Medicare plan, private insurance, or an employer-sponsored plan, it’s important to review your healthcare coverage during open enrollment so you can ensure your benefits match your needs and budget.

To make this process simple for you, we’ve put together a few step-by-step resources for reviewing your healthcare plan:

• Issues to Consider When Reviewing Your Health & Life Insurance Policies
• Issues to Consider Regarding Your Employer-Sponsored Benefits

You might also consider the benefits of a Health Savings Account (HSA) and whether one makes sense for you.

Looking for more help?

TriaGen clients have exclusive access to specialized Healthcare Consultants, so you can receive a detailed and personalized analysis of your healthcare plan. If you’re looking for more guidance about your benefits and what’s best for you, just call or email us, and we’ll connect you with one of our Healthcare Consultants. 

As always, don’t hesitate to reach out with questions about your financial strategy, and if you know someone who might benefit from the information in this blog, feel free to share it.