As the open enrollment period for Medicare opens October 15th and runs through December 7th, now is the time to be on the lookout for the Annual Notice of Change letter in the mail. American Senior Benefits Agent Dorothy Lam explains one major change:
“There are several major changes. One of the biggest changes is that there is no more coverage gap, which means as you go through the year, that copay that you have won’t change. The gap in coverage in previous years made the copay go up typically a lot higher and it has been a burden for people. So, Medicare has changed that. There is no coverage gap, which is amazing news for people. That will be a big relief.”
Another major change in the Medicare Part D program is that the maximum out of pocket cost will be capped at $2,000, which beneficiaries will also be able to enroll in a payment plan through Medicare to spread out the cost of their prescriptions over the course of the year.
