Chris Vedral, Magnolia Senior Benefits.
Important changes to Medicare in 2025
Beginning in 2025, people with Medicare Part D will have an annual limit, capping their out-of-pocket prescription drug costs at $2,000. This new rule applies only to medications covered by your Part D plan, though, and does not apply to out-of-pocket spending on Medicare Part B drugs.
The law also eliminates the coverage gap (“Donut Hole”) phase as of 2025, where enrollees are currently responsible for paying 25% of their drug costs, drug manufacturers provide a 70% price discount on brand-name drugs, and plans pay 5% of costs.
Common Medicare Questions:
How much does Medicare cost?
In 2024, most people don’t pay a monthly premium for Original Medicare Part A. For Medicare Part B, most Medicare beneficiaries pay a monthly premium of $174.70 or higher depending on your income.
What do I do about Medicare if I work past age 65?
If you plan to work past 65, you may be able to delay enrolling in Medicare Part B. Or, you may have to enroll during your Initial Enrollment Period in Parts A, B and D if you want to avoid late penalties.
How do I sign up for Medicare?
The easiest and fastest way is to apply online at www.ssa.com or you can visit a Social Security Administration office near you. In Bucks County, visit 444 Lincoln Highway in Fairless Hills, open from 9 am to 4 pm, Monday to Friday.
What is Medicare Advantage?
MA plans are approved by Medicare but are run by private companies. These companies provide Medicare Part A and Part B covered services and may include Medicare drug coverage too. MA plans may not be free and may require you to use only doctors and hospitals in their network.
What is Medigap Insurance?
Medigap plans, also known as Medicare Supplement, are private health insurance policies that cover some of the costs the Original Medicare Plan does not cover.
Have any questions? For more information. Call Chris Vedral, owner of Magnolia Senior Benefits, to schedule a complimentary consultation in person or over the phone at 215-388-2158.