JACKSONVILLE, Fla. – The Medicare open enrollment period began Tuesday and big changes are in store for Medicare Advantage patients in 2025.
It’s a good idea to review your plans and coverages now to avoid being caught by surprise next year.
Medicare changes coming next year will impact thousands of seniors with higher out-of-pocket costs, higher prescription drug deductibles and fewer supplemental benefits.
More than 1.8 million Medicare Advantage members are enrolled in 2024 plans that will not be offered in 2025, according to an Oliver Wyman analysis.
Mike Harper has been in the insurance business for more than five decades with Haskell Harper LLC in Atlantic Beach. Harper sent his clients a letter ahead of Medicare’s Open Enrollment period, warning them not to sign up for a Medicare Advantage plan which is often offered with a $0 monthly premium.
“I want them to know they have options,” Harper said. “I want them to get educated about these options and not get sucked into the free medical, dental, free, free vision. I mean, that’s nice. That’s a nice benefit. But what’s it really worth?”
The letter also explains that Harper was abruptly taking a step back from work after a life-changing cancer diagnosis this summer. He’s in hospice care now and he’s made it his dying wish to warn seniors against having a Medicare Advantage plan.
“What I recommend to people is, if they’re looking for another option that’s cost-effective, go to a high deductible plan, high deductible F or G, depending upon when they’re born,” Harper said.
The advice for seniors is to look through their annual notice of changes and learn what may be changing. This year, more than 16 million enrollees are in plans with no deductible for any drug. But in 2025, more than 45% of these members will be subject to a deductible for at least some drugs.
Harper is urging everyone to take open enrollment seriously. Everyone can change their coverages on their own by going to Medicare.gov and comparing their options.
“It’s just that these plans are advertised without talking about the impacts and the downsides to it. [They] never talk about the fact that once you get in a plan, you may not be able to get out of it. You have to go through underwriting if you’re not happy with the fact that your doctor doesn’t accept it, and it may be too late for you to make a change.”
Those with Medicare Advantage plans must actively select new plans before Dec. 7 if they want to change. If no selection is made and your policy is no longer offered next year, you’ll be placed in traditional Medicare.