Medicare open enrollment is October 15-December 7, 2024 and we recommend visiting the Medicare website to read up on the changes in Medicare Part D for 2025.
Through 2024, most Medicare drug plans have a coverage gap (also called the “donut hole”). This means there’s a temporary limit on what the drug plan will cover for drugs. Because of changes being phased in, in 2025 under the prescription drug law, the coverage gap ends on December 31, 2024.
New for 2025: $2,000 cap on covered Part D drugs. Starting in 2025, all Medicare plans will include a $2,000 cap on what you pay out-of-pocket for prescription drugs covered by your plan. If your out-of-pocket spending on covered drugs reaches $2,000 (including certain payments made on your behalf, like through the Extra Help program), you’ll automatically get “catastrophic coverage.” That means you won’t have to pay out-of-pocket for covered Part D drugs for the rest of the calendar year. If you have a Medicare plan with drug coverage, compare plans during Medicare Open Enrollment (October 15 – December 7) to make sure your plan covers the drugs you take and meets your needs.
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