News and Updates

In April 2024, the Health and Human Services (HHS) administration and the Centers for Medicare & Medicaid Services (CMS) released its final ruling on changes we can expect to see for the 2025 Medicare Prescription Drug Plans (Part D or PDP plans). These include, but are not limited to: Stages - Stage 1: Deductible - up to $590 for the calendar year Stage 2: 25% cost-sharing - until the Medicare Beneficiary reaches Maximum Out-of-Pocket Stage 3: Catastrophic - Covered in full for the balance of the calendar year Elimination of the "donut hole" or coverage gap $2,000 Maximum Out-of-Pocket for 2025 Optional monthly payment plan to spread out the $2K It is also estimated that the average cost of a stand-alone prescription drug plan will likely double. This means that the late enrollment penalty assessed for individuals who have not been covered by a creditable drug plan with also increase. As more guidance is released, we will be absorbing and formulating a game plan to address these updates with our clients. Stay tuned in for more!