Open Enrollment for Medicare is now officially underway, and this year brings several important changes you should be aware of.
Following budget cuts related to the OBBBA bill, many Medicare Advantage and Part D plans are adjusting their pricing and benefits. While your total out-of-pocket maximum may not change, some plans are increasing monthly premiums and charging more for hospital stays. Additionally, extra benefits such as gym memberships and over-the-counter drug allowances are being reduced or eliminated.
Drug coverage is also changing. Some medications may no longer be included, and prices could increase. It’s essential to review your plan’s formulary to ensure your prescriptions are still covered.
Network participation is another critical area. Always confirm that your preferred doctors, specialists, and hospitals are still in-network before making any plan changes. Plans can quietly shift providers out of network during the year.
Keep in mind that Medicare advisors are often paid commissions, and some insurers are reducing those payments. This may limit the plans your advisor presents to you. For example, Kaiser does not pay commissions, so many brokers may not recommend it, even if it’s a good fit for your needs.
If you’re currently enrolled in Medicare, you should have received an Annual Notice of Change by the end of September. Be sure to review it carefully. I personally use Kaiser and noticed important updates in my own notice this year.
If you need independent, unbiased help evaluating your plan options, visit:
👉 https://www.shiphelp.org/ships/california/
This resource is free and not tied to any insurer.
