Big Changes Coming to Medicare Drug Plans in 2025
Starting in 2025, Medicare beneficiaries will see significant changes to their drug plans under the Inflation Reduction Act. Key updates include a $2,000 cap on out-of-pocket expenses, a $35 monthly cap on most insulin products, and the closure of the "donut hole" coverage gap. These reforms are projected to save around 3.2 million seniors thousands on their prescription costs. Additionally, low-income beneficiaries will receive expanded subsidies, and Medicare will negotiate prices on certain costly medications directly with pharmaceutical companies.
During this year’s Medicare open enrollment, which ends on Dec. 7, beneficiaries are encouraged to compare plans as premiums, deductibles, and coverage may vary across providers. Experts advise beneficiaries to carefully review options, as insurers may adjust drug coverage and network options. Free counseling services are available nationwide to help seniors select the best plan for their specific needs, ensuring that they make informed choices amid the new Medicare changes.
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