Talking about Medicare {PFP Section}

Jim Sullivan from Pay4Care.org discusses significant changes to Medicare’s prescription drug coverage in 2025, particularly regarding the Medicare Part D plans and Medicare Advantage plans with drug coverage.

•          Jim discusses key 2025 changes to Medicare Part D, including a new $2,000 out-of-pocket maximum for prescription drug costs.
•          Beneficiaries can now opt for the Medicare Prescription Payment Plan, allowing them to spread out deductible payments monthly to ease early-year costs.
•          The Open Enrollment Period (Oct 15 - Dec 7) is a vital time for beneficiaries to review their plans, as many premiums, copays, and formularies will change, and some plans will be discontinued.
•          Clients should be proactive since plans may automatically transfer them to a different plan if theirs is terminated, potentially impacting drug coverage and costs.
•          Jim urges advisors to support clients in ensuring their coverage meets their healthcare needs, prioritizing both affordability and the quality of care provided.

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Learn more on the latest proposals and regulations by accessing The Medicare & You Handbook. You can also access Jim Sullivan’s Guide to Retirement & Elder Planning: Healthcare Coverage Planning-6th Ed on the AICPA website. A deep dive for advisors can be found in the Health Transitions Guide: Vol. 3.