If you plan on receiving Medicare benefits for 2025, you might want to take a look at the offerings. Medicare annual enrollment runs through December 7th and there are big changes for next year.
Out-of-pocket prescription drug costs will be capped at $2,000 for the first time, and enrollees can now choose to pay per month in installments rather than all at once at the pharmacy.
But experts say insurance companies are making up for that loss in other ways, including by eliminating some plans, pulling plans out of counties and states they say aren't profitable, limiting offerings and increasing deductibles, premiums or co-payments.
Seniors will need to look at what's changing for their plans.
Some enrolled in the Medicare Advantage program, which is an alternative to traditional Medicare, have policies that won't be offered in 2025.
"They have to reassess their options for the coming year," said Tricia Neuman, Executive Director for the Program on Medicare Policy at KFF. "Checking to be sure that their doctors and hospitals are still in network, checking to be sure that the drugs they take are still covered."
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But there are things seniors can do to save money.
Experts say to compare plans on medicare.gov, look into assistance programs or free discount prescription programs like GoodRx, or go to shiphelp.org, where you can get unbiased help from your local health assistance department.
"My best recommendation is start early, get your comparison nice and early. That way you can take your time with looking at that," said Ryan Ramsey, associate director of health coverage and benefits at the National Council on Aging.
"Unfortunately the burden is on seniors to check to be sure that the plan that they're in hasn't made changes that will make it harder for them to pay for the drugs that they need," said Neuman.
