Hey Jim. FYI: I got my ANOC yesterday for my Part D plan from Wellcare. I'm in Texas and have the Wellcare Value Script plan. My monthly premium is going from $0.50 to $0.00. (zero). I checked the changes and the only thing I could find is the cost for Tier 1 and Tier 2 drugs are both going up $5 for non-preferred pharmacies. For their preferred pharmacies, the copays for Tier 1 and Tier 2 are not changing (still $0 and $5 respectively). They had a link for their pharmacy list and all of the ones that are currently preferred are still preferred for 2025. So no changes there either. The only thing I'll need to check is when their Formulary comes out for 2025 to see if my two Tier 1 drugs are still Tier 1. Thanks for the video.
Encouraging news! Be sure to look for the EOC Evidence of Coverage document referenced by the ANOC for the details. October 1 preview will also have some details.
@@ssa8479 It will depend on your state and you also need to be careful about the Formulary -- whether your prescriptions are on it and what Tier they are. You'll be able to shop with full knowledge on and after October 15th.
My broker will no longer check my Part D plan although they show you what to do. This is due to the fact that many Part D companies no longer pay commissions.
That will be a problem too, but I've always recommended to use the Medicare Plan Finder because it is more inclusive than a broker's list of preferred plans. If I found that the broker that handled my Medigap also represented the plan I selected, I might have them help, but I can sign up on my own yearly.
SS CSR -customer service rep many will not even mention the Part D portion unless you mention it. They don't mention it because it can take a long time to explain you also need it if you are just signing up for original Part A and Part B. SSA is at a 50 low in employees, so the less time they spend with you on the phone the better for them.
Part D plans are calendar year. If you mean you started in May 2024, you should get one by this September 30 for your 2025 coverage. If you mean you will turn 65 in May, then you will use the plan finder to pick your 2025 coverage at that time. When I first went through the process, I had to select a plan for one month then had until December 7 to choose one for the following year! See here: ruclips.net/video/KkFtWpDhUe8/видео.html
IRMAA surcharges also go calendar year, based on income two years ago. You can also appeal those charges but I've never gone through that process. The surcharges should roll off once they hit a "two-years-ago" MAGI that is under the IRMAA limit.
This is why shopping by total cost of med plus premiums will be the only way to find the best deal. Good luck! Insurers hope inertia lets them charge that much!
What's the cheapest Part D plan for people who don't need prescription meds? Or do such plans also change year to year? I would have to keep such a plan in mind when I sign up, have a place-holder plan to avoid the penalty until the time when I do needs meds.
Exactly, if you are not on any prescription plans, then look for the total lowest cost for a retail pharmacy nearby. As a test, "prescribe" an antibiotic or short-term medicine, so you know what the co-pay would be for a generic you might be prescribed. That might be a better test than just the first zero premium plan you see.
Hey Jim. FYI: I got my ANOC yesterday for my Part D plan from Wellcare. I'm in Texas and have the Wellcare Value Script plan. My monthly premium is going from $0.50 to $0.00. (zero). I checked the changes and the only thing I could find is the cost for Tier 1 and Tier 2 drugs are both going up $5 for non-preferred pharmacies. For their preferred pharmacies, the copays for Tier 1 and Tier 2 are not changing (still $0 and $5 respectively). They had a link for their pharmacy list and all of the ones that are currently preferred are still preferred for 2025. So no changes there either. The only thing I'll need to check is when their Formulary comes out for 2025 to see if my two Tier 1 drugs are still Tier 1. Thanks for the video.
Encouraging news! Be sure to look for the EOC Evidence of Coverage document referenced by the ANOC for the details. October 1 preview will also have some details.
This is good news! So such low cost plans do exist.
@@ssa8479 It will depend on your state and you also need to be careful about the Formulary -- whether your prescriptions are on it and what Tier they are. You'll be able to shop with full knowledge on and after October 15th.
Thanks, Jim, excellent vid!
My broker will no longer check my Part D plan although they show you what to do. This is due to the fact that many Part D companies no longer pay commissions.
That will be a problem too, but I've always recommended to use the Medicare Plan Finder because it is more inclusive than a broker's list of preferred plans. If I found that the broker that handled my Medigap also represented the plan I selected, I might have them help, but I can sign up on my own yearly.
SS CSR -customer service rep many will not even mention the Part D portion unless you mention it. They don't mention it because it can take a long time to explain you also need it if you are just signing up for original Part A and Part B. SSA is at a 50 low in employees, so the less time they spend with you on the phone the better for them.
Good video. When do you get the first one if you turn 65 in May for example.
Part D plans are calendar year. If you mean you started in May 2024, you should get one by this September 30 for your 2025 coverage. If you mean you will turn 65 in May, then you will use the plan finder to pick your 2025 coverage at that time. When I first went through the process, I had to select a plan for one month then had until December 7 to choose one for the following year! See here: ruclips.net/video/KkFtWpDhUe8/видео.html
Ok. I was thinking about Medicare. Specifically when will they tell me the part B and D surcharge in year one which is a past year.
IRMAA surcharges also go calendar year, based on income two years ago. You can also appeal those charges but I've never gone through that process. The surcharges should roll off once they hit a "two-years-ago" MAGI that is under the IRMAA limit.
My plan went from 5.20 to over 40.00 and no deductible for tier one to the 590.00 deductible … sure hope there will be something better out there!
This is why shopping by total cost of med plus premiums will be the only way to find the best deal. Good luck! Insurers hope inertia lets them charge that much!
What's the cheapest Part D plan for people who don't need prescription meds? Or do such plans also change year to year? I would have to keep such a plan in mind when I sign up, have a place-holder plan to avoid the penalty until the time when I do needs meds.
Exactly, if you are not on any prescription plans, then look for the total lowest cost for a retail pharmacy nearby. As a test, "prescribe" an antibiotic or short-term medicine, so you know what the co-pay would be for a generic you might be prescribed. That might be a better test than just the first zero premium plan you see.
@@IwasRetired Thanks for that tip.