Hey, Michael here.

Happy Friday to our community of savvy planners.

It’s that time of year again—Medicare enrollment.

Think of it as your annual “Let’s get covered and stay covered” ritual.

I know I know—there are more exciting things on the to-do list, like watching paint dry or reorganizing the junk drawer. But a little attention here can go a long way toward peace of mind (and savings) for the rest of the year.

Enrollment Window: October 15 – December 7

Circle it, underline it, and put it on the fridge. Miss it, and you’re stuck with whatever you had last year, which may or may not be ideal.

What’s New for 2025: Exciting Updates Ahead

• $2,000 Annual Cap on Prescription Drug Costs: Medicare Part D enrollees will have their out-of-pocket prescription drug expenses capped at $2,000 annually, eliminating the previous’ donut hole’ coverage gap. This means you’ll pay significantly less for your medications once you reach a certain spending limit.
• Medicare Prescription Payment Plan: Beneficiaries can opt into a program allowing them to spread out their out-of-pocket prescription drug costs over the year through capped monthly payments, aiding in budgeting for medication expenses.
• Mid-Year Notifications for Unused Benefits: Medicare Advantage enrollees will receive mid-year notices detailing any supplemental benefits they haven’t utilized, encouraging beneficiaries to take full advantage of their plan offerings.
• Support for Caregivers of Dementia Patients: A new program will offer 24/7 support, navigation services, and up to $2,500 for respite care to unpaid caregivers of Medicare beneficiaries with dementia, providing essential resources and relief.

Here’s What You Need to Know

1. Original Medicare (Parts A & B) is the foundation. Part A handles hospital care (hopefully something you won’t need too often), while Part B covers doctor’s visits and outpatient stuff. Costs can shift slightly year-to-year, so it’s worth checking your premium to avoid any “surprises” on your bill.
2. Medicare Advantage (Part C)—This could be for you if you like the all-in-one approach. It combines Parts A and B and can add a few extras like dental or vision. However, the fine print changes every year. Think of that doctor you like. You better make sure they’re still in-network.
3. Prescription Coverage (Part D) – This part is for your meds and tends to change frequently. If you have the medications you rely on, ensure they’re still covered at the same price next year.

Quick Tips for a Smoother Process

• Comparison is Key: Even if you’re happy with your current plan, a few minutes of comparison could save you cash or get you better benefits.
• Watch the Costs: Low premiums look great until you realize they’re paired with high deductibles. Sometimes, a few extra dollars upfront can save you bigger bucks later.
• Get Help If You Need It: Medicare’s website has a decent comparison tool, or you can contact a counselor for help navigating the maze.

In a nutshell, don’t ignore this!

Spending a few minutes now could save you stress—and money—down the line.

So, take a deep breath, dive in, and check “Medicare enrollment” off your list for the year.

Have questions? Email us at team@tannerycompany.com, and we can introduce you to the Medicare Experts we use.