Happy 2025, Everyone! January has arrived and the annual enrollment period for Medicare is over. Medicare Advantage and stand-alone Prescription Drug Plans saw more changes than usual starting this year. Major changes were made on the prescription drug side of things, and many Advantage plans completely dropped their modest dental benefits. Hopefully, if you needed to switch a health and/or drug plan to accommodate your needs better, you did.
If you didn’t make a desired change during AEP, or you’ve come to find out that your current coverage doesn’t fit your needs, you may not be completely out of luck. There is an opportunity to change your Advantage plan one time during the first few months of the year, but this is not the case with stand-alone prescription drug plans. Check with your broker to see what beneficial switches may be available to you.
We have many new people moving to our area. For those of you who have recently moved here, welcome. If you are already enrolled in Medicare Advantage or a Prescription Drug Plan,
remember you have a special enrollment period to switch your Medicare Advantage or Prescription Drug plan. It is very important to do this. Otherwise, if you need care here you may experience a number of billing issues and extra costs. Please feel free to reach out for any help in learning about the local plans that best fit your needs.
If you are becoming Medicare eligible this year because you’re turning 65 or you’re over 65 and leaving an employer plan, you can prepare 3–4 months ahead of your planned effective date. Those already collecting Social Security benefits are already enrolled in Medicare Parts A & B three months prior to their birth month. If you are not taking Social Security and you will be or are 65 or older, you need to apply at www.ssa.gov/medicare. There are penalties for late enrollment into Medicare, so don’t put this off. I recommend starting the process early since it takes the Social Security Administration time to process your application.
If you are enrolled in an individual plan through Healthcare.Gov, the open enrollment period ends on January 15th. This is your last chance to enroll in a health insurance plan for 2025 unless you have a special enrollment period triggered by events like a move to a new service area or an involuntary loss of coverage like being dropped from a group plan.
The tax credits for those that fit within the income guidelines have gone up in 2025 to help compensate for the increases in insurance premiums. Most people qualify for some level of cost-reducing tax credit. Just make sure you don’t underestimate your income, or you will pay on the backend. You can go online at: www.healthcare.gov or call a certified broker to find out how much of a credit the government entitles you.
I wish you the best in 2025! Please call me if I can be of any help. My services are free to you! We can do consultations over the phone or at your home, but I also welcome clients to visit my office in Santa Rosa Beach. I am certified with many different insurance carriers, and I am happy to answer your questions and assist any way I can. Email me at christian@evergreenhealthins.com or call (850) 687-7606.
Author: Sowal Editor
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