Medicare open enrollment is underway, and a slew of changes are on the horizon for 2025. Philip Moeller, Author of "Get What's Yours for Medicare," joins Wealth! to discuss what beneficiaries should consider during the current enrollment period.

Moeller highlights two major changes impacting Medicare beneficiaries. First, the Inflation Reduction Act (IRA) passed by the Biden administration will implement changes to prescription drug pricing, including a $2,000 cap on out-of-pocket costs, which Moeller describes as "a big win for people who have expensive drug needs."

However, he cautions that these changes will trigger broader adjustments across the industry. Beneficiaries can expect modifications to deductibles, co-pays, and drug pricing structures. Some medications may even be removed entirely from plan formularies as insurance providers adapt to the new regulations.

The second change affects Medicare Advantage plans, which Moeller notes are facing "business and regulatory headwinds."

Moeller emphasizes the importance of careful consideration during the enrollment period. He advises beneficiaries against rushing their decisions and recommends a thorough review of available plans instead. The evaluation should ensure coverage for necessary medications while aligning with personal financial circumstances.

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This post was written by Angel Smith