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This letter is a notice to you that current market conditions and legislation (Inflation Reduction Act of 2022) may have affected your Medicare Supplement rates in 2024 and may affect your Medicare Advantage or Part D drug plan for 2025.
All insurance carriers have experienced “high utilization” over the last two years, meaning members are filing more claims. This uptick in claims is due to the fact that during the COVID outbreak, many people were delaying services. Now they feel safe to receive the care they need, and utilization has increased. The country has also experienced record high inflation in the past few years. The combination of more claims, higher utilization, and inflation means premiums will increase. ALL carriers will be affected by these changes.
Medicare Supplement: Be prepared for a higher-than-normal increase to Medicare Supplement premiums.
Medicare Advantage Plans: This Annual Enrollment Period (AEP), your Medicare Advantage plan may also increase premiums while reducing some of the “extra” benefits offered in the past. These changes will take effect in January2025.
Medicare Part D Prescription Drug Plans: The Inflation Reduction Act of 2022 (IRA) included provisions that were to be phased in over time. In 2023, copays for some insulins were capped at $35 and most adult vaccines were reduced toa $0 copay. In 2024, the catastrophic phase of Part D was eliminated. Now for 2025, out-of-pocket drug costs will be capped annually at $2,000. That means no one will pay more than $2,000in prescription drug costs from 2025 moving forward. It is anticipated that Medicare Part D insurance companies may also raise their premiums, adjust copays at the pharmacy, change their formulary, and change deductible thresholds because of this $2,000 cap.
These changes will directly impact your Part D plan for 2025 and it’s very important you pay close attention to how your plan may change this upcoming AEP. You will want to make sure you read through your Annual Notice of Change (ANOC) document your Medicare Advantage or Part D plan will send you this fall. By law, they have to send it to you by September 30th. That notice will outline any changes that are set to take place as your plan transitions into 2025. After you have reviewed that document, you can do 2 things- (1) keep everything the same OR (2) complete the link so that we can review your 2025 coverage.
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OPTION 1
I understand that there may be changes to my plan premium, formulary, medicine cost, and/or pharmacy preference, but I’ve read my ANOC & I am happy with the upcoming changes for my plan! I’ll keep what I have for 2025.
That means = YOU ARE DONE!
You do not have to complete the form using the link below.
Your current plan will automatically renew. Please wait to receive your 2025 plan documents from your current carrier.
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OPTION 2
I want Knapschaefer Insurance to review my 2025 coverage to make sure I’m on the best plan!
STEPS FOR COMPLETING THE REVIEW:
Complete the drug form using the link below.
Knapschaefer Insurance will complete your review by mid-November and contact you to discuss your options.
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SPECIAL NOTE – you can SKIP over all questions asking about your doctors and hospitals. To skip, simply select “OK” on those screens to bypass.
WE ONLY NEED you to input your DRUGS at the beginning and SCOPE OF APPOINTMENT at the end.
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If we receive this completed form back, we will contact you no matter what. If your current plan is still your best option, you won’t need to do anything. If there is a better plan available, we will contact you to schedule an appointment.
Thank you for your patience this year as we navigate these changes together. We appreciate the opportunity to serve you!
Jill Muhlenkamp & Heather Siefring
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