The 6% Rule Isn't What You Think
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- Опубликовано: 3 июн 2024
- All signs point to Medicare Part D premiums increasing significantly in 2025. There is a rule limiting the base Part D premium from increasing by more than 6%, but that doesn't mean what you think it means.
We explain exactly what is going on with Medicare Part D rules.
Check out our resources at TheRetirementNerds.com/
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Erik@TheRetirementNerds.com
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0:00 Intro
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#medicare #theretirementnerds #PartD #retirementnerds #medicarepartd
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
I am a new agent and I learn more from your videos than anywhere else. Thanks for clearing this up.
So glad to hear they are helpful! Welcome to the Medicare world :)
For anyone who thinks the drug companies would never do anything like this, I have a unicorn farm I would like to sell you.
Is it a good deal??
:)
Thank you for watching!
I'm interested, but only if they fart rainbows.
It needs to be ilegal to make seniors pick plans more than once a lifetime. It's elder abuse, all the trickery, swaps and cancels.
I was just thinking the same thing😫😫😫 I can barely remember to follow my grocery list…… it's like I need a healthcare advocate and I'm only 65
Set an annual reminder on your calendar or reminder app for October 15 with an end date of Pearl Harbor Day ( December 7 ) to check out alternatives to your current drug plan every year! Do not let inertia cost you extra money for your drug plan, especially in 2025 when significant changes are coming! Thanks, Erik, for the outstanding and timely video!
It'll be a busy year! 😬 Appreciate you David!
Thanks for this info!
Although I didn’t work with an agent I do go to the Medicare website and will be going there comes October to see my options. It does show the costs of plans in my zip code along with drug costs.
It's a shame as we get older and maybe less mentally sharp our needed insurance gets more complicated!
Keep an eye out for that Annual Notice of Change in September, and then yes, Medicare.gov has a good tool for comparing drug plans.
@@Theretirementnerds so my question would be is if I hired you as my agent do you remind me of all these crazy things that I may overlook? I am so completely overwhelmed and scared sh....ss😫
@@WigsGlam yes! Our team keeps people informed on all of this. Amd it doesn't cost you anything! Using us rather than hiring 😉
Thanks for the info Erik. I was one of those people who originally thought that the 6% applied to the premium but later found out that it doesn't. Your video confirmed that as well. I'm also one of those people on the $0.50 per month We...... Part D plan. I will most definitely be keen to see what they do with that plan in October. Not only do I have it but my sister and two good friends have it as well. I have a feeling that what you said in your video will happen as far as the cross-selling (of this currently cheap Part D plan) to unsuspecting people of an MA plan. Time will tell.
Keep an eye out in September and help your sister and two friend stay aware as well!
Thank you for this helpful video. Great channel.
Thank you so much for your support!
Excellent video. People have failed to realize that the Ira act putting a limit of $2000 is not really a good thing . What people don't take into account is the fact is, now that the insurance companies are going to have to eat that money they're gonna pass it along to the consumer in the way of sky, high premium increases.
It'll help those with very high medications, but what most don't realize about insurance is that the low-cost individuals subsidize the higher cost individuals with everyone paying more as risk is shifted to the insurance companies 😕
Drug manufacturers also pass along the costs...
It's called cost sharing. Your opinion would change if you had a medication that cost 10 to 15 grand a month. It's for the best. A lot of people are living on social security alone and there's no way they would be able afford that type of medication.
@@ChrisSadowski-pp1np If premiums get too high people who only take generics will drop coverage and just pay the penalty when then need drugs, which will cause a risk pool death spiral.
@@DavidVersace-mm7kd If the drugs got too expensive they would not be able to take them either. Whole purpose of the legislation. I think a $2,000 cap is a good idea. That's my take.
Woe thank you for the information, great job
Thank you Eddie!
@Theretirementnerds your welcome, thank you too
Your consistent information and the ABT agency channel have helped me so much with my parents healthcare. Thank you for the great detailed content.
So glad it is helpful! Thank you for tuning in!
Wow, that is devious!
Semantics can be important 😬
Love your info 🐘🦣🦏🐘🦣🦏
Thank you so much!
You should have named that fictional company, Shylock's Insurance. They're going to get their pound of flesh, one way or another, and next year it's going to be more than 1.06 pounds.
Part D was $101/month in Ohio for Aetna premium.
Wow, that's all I can say! Thanks for the info.
Thank you for watching!!
Very interesting!
Thanks for your clear explanation.
Thank you so much for watching and your support!
Great info, thanks!👍
Thank you for watching!
I don’t have a Part D plan. I pay out of pocket utilizing discount cards. I paid $300 total last year and am track to pay $350 this year. Every plan I’ve investigated each year since I went on Medicare would have cost me $500+ for premiums and co-pays. What’s the point of having Part D if it doesn’t save a person money?
The government must be subsidizing these drug plans. There is no way these companies can make money on 50 cents a month premium. That plan costs more if you have high URMAS
This video goes over that in a bit more detail:
ruclips.net/video/vRoK3Cr0IPM/видео.html
Clear ans concise. Why go elsewhere?
Appreciate you so much!
Great video. One question... What will happen to Plan D with zero monthly in 2025? Thanks
We don't have numbers for 2025 yet, but the assumption is they will go up quite a bit. Or get rid of the plan. We'll know more come October.
@@Theretirementnerds Thank you.....
Are you licensed in Kansas? I think I'm ready to choose an agent.
I have a partner who is! The best!
@@Theretirementnerds sounds good to me!
I have a question sir that no one seems to be able to answer, I just lost my Medicaid yet I still have my Medicare once I receive the letter telling me when my plan will end I will see an agent about getting a new plan. If I was to get a advantage plan that also included part d if the fee was $0 for the drug plan does that mean I would only have to pay the $174.70 a month for part b plus my medication unless the plan offers these meds for free?
Correct. Many Advantage plans have Part D included at no extra monthly premium. Still need to pay Part B - the $174.70.
@@Theretirementnerdsthank you so much I couldn’t find any answers on Medicare.gov and my buddy who sets me of with plans is swamped right now due to so many people losing Medicaid at once that he doesn’t have time to answer questions unless I’m make an appointment.
Are you licensed in NY?
I Sharon, I am not personally, but I do have a partner who is!
My email is erik@theretirementnerds.com if you'd like me to connect you.
Insurance companies are going to leave medicare.
Some have pulled out of offering drug plans. Definitely a possibility