What's Happening
6 minutes ago

Nvidia's Insiders Are Speaking Volumes With Their Trading Activity -- but Are You Listening?

foolfool.com
12 minutes ago

1 Top Cryptocurrency to Buy Before It Soars 185%, According to Investment Firm VanEck

foolfool.com
21 minutes ago

Prediction: Warren Buffett's Stock-Selling Streak Will Extend to 9 Quarters

foolfool.com
23 minutes ago

Is the Bubble About to Burst for Palantir Technologies Stock?

foolfool.com
25 minutes ago

1 Small-Cap Stock Down 34% to Buy on the Dip

foolfool.com
27 minutes ago

Here's Warren Buffett's Timeless Advice About Surviving a Stock Market Crash

foolfool.com
28 minutes ago

Don't Let This Dividend Stock's High Yield Fool You. It Has the Fuel to Deliver High-Octane Growth Through 2030.

foolfool.com
29 minutes ago

Better Cryptocurrency to Invest $10,000 In Right Now: Bitcoin or XRP (Ripple)?

foolfool.com
29 minutes ago

Marriott's Digital Penetration Hits 'Historic Highs' As Bonvoy App Downloads Soar Adding 31 Million New Members

benzingabenzinga.com
30 minutes ago

Dow Gains Over 100 Points Following Powell Comments: Fear & Greed Index Remains In 'Neutral' Zone

benzingabenzinga.com
40 minutes ago

Best Stock to Buy Right Now: Amazon vs Apple

foolfool.com
42 minutes ago

The Best Stocks to Invest $1,000 in Right Now

foolfool.com
47 minutes ago

AMD Management Is Buying Millions of Shares of AMD Stock. Should Investors Buy AMD Stock, Too?

foolfool.com
49 minutes ago

DeepSeek Is Here: How Amazon Is Using It to Grow Its Artificial Intelligence (AI) Program

foolfool.com
54 minutes ago

Why Walgreens' Dividend Suspension Shouldn't Come as a Surprise to Investors

foolfool.com
55 minutes ago

Google I/O 2025 Officially Set For May — Here's What To Expect, From AI Breakthroughs To The Future Of Android And Pixel 9a

benzingabenzinga.com
58 minutes ago

The Best Warren Buffett Stocks to Buy With $1,000 Right Now

foolfool.com
1 hour ago

Mark Zuckerberg's Meta Eyes Acquisition Of Korean AI Chip Startup Founded By Former Samsung And AMD Engineer

benzingabenzinga.com
1 hour ago

Mark Zuckerberg Just Made 3 Startling AI Predictions. Should You Buy Meta Stock Before They Come True?

foolfool.com
1 hour ago

Here's the Smartest Way to Invest in the S&P 500 in February

foolfool.com

Got a Notice of Change From Your Medicare Plan? 3 Things to Pay Attention To

Millions of older Americans get health benefits through Medicare. But coverage under Medicare isn’t a one-size-fits-all sort of deal.

As an enrollee in original Medicare, you have the option to choose your own drug coverage. Or, you could sign up for a Medicare Advantage plan for added benefits on top of what original Medicare entails.

A person at a laptop holding a document.

Image source: Getty Images.

You’re also not stuck with the Medicare plan you choose for life. Each year during the fall, Medicare participants are able to make changes to their coverage during open enrollment, which runs from Oct. 15 through Dec. 7.

During open enrollment, you can switch Part D plans, move from one Medicare Advantage plan to another, or drop Advantage altogether and move over to original Medicare. But to make an informed decision, you need to know what’s staying the same with your current Medicare plan and what’s changing.

That’s why it’s so important to review your plan’s notice of change carefully. Generally, these notices go out by Sept. 30 so that Medicare enrollees have an opportunity to get updates on their plans in time for open enrollment. If you’re new to getting one of these letters, here are some key points to look out for.

1. How your medications are categorized

If you’re a Medicare Part D participant, you may be aware that these plans use formularies to group medications into different tiers. These tiers determine your out-of-pocket costs.

One thing you’ll want to pay attention to on your notice of change is whether your current prescriptions are moving into a different tier. If one of your medications is bumped into a higher tier, you may be looking at higher costs in 2025. However, it’s possible that one of your medications is moving to a lower tier, resulting in less expensive copays for you.

2. How your Medicare Advantage plan benefits are changing

Medicare Advantage plans commonly offer supplemental benefits beyond the scope of what original Medicare covers. It’s important to see which of those benefits your plan is keeping in the new year versus taking away.

It may also be that your Medicare Advantage plan is adding benefits for 2025. That’s important information to have. But before you get too excited, realize that just because a given Advantage plan offers a certain benefit doesn’t mean that it’s accessible for all enrollees. If you see new benefits added, inquire to make sure they’re options you can take advantage of. You may need a certain diagnosis to use some of your plan’s benefits.

3. How your Medicare Advantage plan network is changing

One limitation of Medicare Advantage is that you’re generally restricted to a specific network of providers. With original Medicare, you may have more doctors you can see.

Pay attention to changes in your provider network. If your main reason for sticking with your Medicare Advantage plan is to retain access to a certain doctor who will be out of network in 2025, that may be a good reason to switch your coverage.

Whether you’re happy with your current Medicare plan or not, it’s important to read your notice of change carefully. Doing so could set you up for a successful open enrollment this fall.

The $22,924 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

View the “Social Security secrets” »

The Motley Fool has a disclosure policy.

Related Posts

Okay, folks. It’s time to get serious about Social Security. I don’t like to be the person who sounds alarms and causes unnecessary panic. But

Image source: Getty Images The best credit cards have a lot of perks — cash back, travel rewards, purchase protection, and more. But what happens

Social Security benefits for spouses are a common source of confusion. MassMutual reports that 25% of surveyed adults near retirement age were unaware that spouses

Image source: Getty Images Most people pay their credit card bill once a month, but you’re allowed to pay more frequently. Technically you can pay