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Managing Medicare and Medicaid can be a complex landscape, especially with annual changes and new programs. From adjustments to covered medications, changes to providers in and out of network, modifications to premiums, deductibles, and co-pays...there's a lot to keep track of. Now is a good time for beneficiaries to ensure their coverage meets their evolving needs as the Medicare Advantage Open Enrollment is active until the end of the month. It's an opportunity to make a one-time change to your Medicare Advantage plan.
Natalie and Kyle from Health Alliance Plan, or HAP, joined us this morning to discuss this topic.
One of the most significant changes to Medicare prescription drug coverage in decades is the implementation of a $2,000 out-of-pocket cap in 2025. This cap will limit the amount beneficiaries pay for prescription drugs under Medicare Part D. This aims to provide significant financial relief to those with very high prescription costs.
Also, the Medicare Prescription Payment Plan allows beneficiaries to spread out high prescription costs over the year. This is particularly beneficial for individuals with expensive medications or chronic conditions. By enrolling in the Payment Plan, beneficiaries can avoid large, unexpected bills and better manage their healthcare expenses.
Watch our interview to learn more. You can contact HAP to get more info on their website.
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