ROANOKE, Va. – Open enrollment for Medicare starts Wednesday and you have until Dec. 15 to apply.
Medicare is a health insurance option for anyone who is 65 years or older or people with certain disabilities.
During the open enrollment period, you have a chance to review your current plan.
“Take a look at their options and make sure what they enroll in works best for them because people’s health needs change every year, their financial needs change every year and the options that are available for them change every year and that is particularly important this year because there are a lot of exciting improvements to the Medicare program,” said Deputy Administrator and Director Meena Seshamani with the Center for Medicare for the Centers for Medicare and Medicaid Services.
One of those improvements will help you when it comes to paying for your out-of-pocket prescription drugs. Seshamani says thanks to the Inflation Reduction Act it is now helping to limit how much you will pay out of pocket for your prescription drugs.
“Starting January 1, 2025, nobody will have to pay more than $2 thousand dollars in a calendar year for their covered prescription drugs,” said Seshamani.
Another improvement is they are extending financial assistance for people who have trouble paying their premiums and drug co-pays. (Apply for Medicare Part D Extra Help program | SSA)
“If you make less than $23 thousand in a year or $31 thousand for a married couple it’s really important to look and see if you could benefit from the financial assistance of the extra help program,” said Seshamani.
She says anyone who receives financial assistance will not have to pay more than $4.50 for generic drugs and a little more than $11 for name brand drugs.
When you enroll during this enrollment period, your coverage will start on Jan. 1.
Seshamani said it is important to make sure that you enroll by December 7. If you don’t, you may have to wait a whole year.
To see what plans you want and to compare plans there are three options.
You can either go to Medicare.gov (Welcome to Medicare | Medicare) where you can put in your specific prescription drugs and then get a side-by-side comparison of cost and coverage. You can also enroll on Medicare.gov.
Seshamani said you can call 1-800-Medicare (Talk to Someone | Contact Medicare | Medicare) to get assistance as well. They are available 24 hours seven days a week to help you look at your options. There is in-person help too through the state health insurance program. (Where Can People Get Help With Medicaid & CHIP? | Medicaid)