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Make sure you have access to preferred providers
Beneficiaries may choose to go with original Medicare — Parts A and B with the option to add Part D prescription drug coverage — or private Medicare Advantage plans. With original Medicare, you can see any doctor in the country who accepts Medicare, so access is not an issue, Moeller said. But with Medicare Advantage plans, there are provider networks that limit the choice of doctors and hospitals from which a beneficiary may choose, he said. It’s best to check — not assume — that the doctors you want to see will be covered by your plan, Moeller said. Call Medicare Advantage plans or medical providers directly to find out if they are still covered, as brochures can sometimes be outdated, Cubanski said.
Check if your prescription drugs are covered
U.S. President Joe Biden delivers remarks, during an event on Medicare drug price negotiations, in Prince George’s County, Maryland, U.S., August 15, 2024. Ken Cedeno | Reuters
Starting in 2025, there’s a $2,000 annual out-of-pocket cap on prescription drug costs through Medicare Part D. That change is due to the Inflation Reduction Act, a federal law enacted in 2022. Consequently, insurance will pay more for about 8% of people who take expensive prescription medications, but they may look for ways to get their money back for the remaining 92%, Moeller said. That may come in the form of higher co-pays or deductibles or less generous plan benefits.
Medicare open enrollment ends Dec. 7. These last-minute tips can help
