NOTICE from Teresa Penninger, VP Individual and Medicare Sales, to Medicare Clients:
I am sending out a notice to everyone enrolled in Medicare Advantage and Part D drug plans, urging you to be sure to review your Annual Notice of Change from your insurance company, for this upcoming 2025 plan year.
Good news for prescription costs beginning in 2025. Due to the Inflation Reduction Act passed in 2022 (a part of this bill impacts prescription drug costs), the ‘donut hole’ has been eliminated! This coming year, plans must cap out-of-pocket spending on covered drugs to $2,000. This change will have a ripple effect on your Medicare Advantage and Part D drug plans’ other costs and coverage, making it especially important to review your options during open enrollment this year. Original Medicare or Medicare Supplement plans will not be affected by the Inflation Reduction Act, only the plans with prescription benefits, like the Medicare Advantage Part D or stand-alone Part D drug plans.
You should have received or will be receiving your Annual Notice Of Change (ANOC) from your insurance company regarding your Medicare Advantage or Part D drug plan. The ANOC will have details about your coverage for 2025. Medicare Advantage enrollees may see different copays and Medical Out-Of-Pocket maximums (MOOP); changes in benefits for dental, vision, or OTC allowances; or additional deductibles on prescriptions or changes in covered medications. Stand-alone Part D drug plans may see higher deductibles, higher premiums, or changes in covered medications. Please be sure to review your ANOC for changes to your current benefit going forward to 2025.
Due to stricter rules governing what I am allowed to discuss with you prior to our conversation without your consent, I will need Authorization or Scope Of Appointment. You will need to give permission to allow me to discuss your plan and alternate options 48 hours prior to our conversation. If you wish to discuss your plan changes, please contact Parrott Benefit Group at 336-249-7705 for a time. Without your consent for plan review, I will not be able to determine if you need to make a plan change.
Medicare’s Annual Enrollment Period is October 15th through December 7th, with the effective date of the plan to begin January 1, 2025.
Here at Parrott Benefit Group, we value your business. Our company’s success is built on serving our clients. I do look forward to hearing from you soon.
Please contact Teresa at Parrott Benefit Group (336-249-7705) to review your Medicare Advantage and/or Part D drug plan for 2025.
For additional information about the Annual Notice of Change, you can view our ANOC Presentation below.
