📆 When is AEP and What Changes Can You Make?
Oct 15 to Dec 7 is your window to review or change your Medicare plans. The last plan you enroll in takes effect on January 1st.
Note: AEP isn't for first-time Medicare enrollees, and Medigap isn't a free-for-all.
🚫 Advertisement Caution
Watch out for misleading ads. Consult trusted brokers or SHIP counselors for independent third-party advice.
🗂 Important Documents
Review your Annual Notice of Change (ANOC), Summary of Benefits (SOB), and Evidence of Coverage (EOC) to understand plan changes.
🔎 Medigap vs. Medicare Advantage
Medigap plans are lifetime contracts, while Medicare Advantage plans can change yearly. Know your needs and review plans accordingly.
💰 Changes in 2024 Costs
Part B premium rises to $174.70/month, Part D premium base at $34.70/month, and other cost increases.
🌟 Big Changes for 2024
A cap on Part D catastrophic costs is introduced, meaning $0 for medications covered after reaching the catastrophic phase.
Part D base premiums are now capped at a 6% annual increase.
Stay tuned for an insightful discussion that clears the fog on Medicare, making your Annual Election Period a breeze
Sources for this episode:
KFF Changes to Medicare Part D in 2024 and 2025
What is an Evidence of Coverage?
KFF Statistics for reaching catastrophic coverage
2024 Average Part D Premium
2024 Medicare Advantage Maximum Out-of-pocket
2024 Original Medicare costs
2024 Medigap High Deductible Plans
