Medicare Open Enrollment Available Oct. 15th-Dec. 7th
(Oct. 1, 2024) With Medicare open enrollment beginning on Oct. 15th, Medicare beneficiaries may be deciding whether to enroll in a Medicare Advantage (MA) plan, shift to or remain in traditional Medicare, or choose a different MA or Part D plan. Providers can play a valuable role as a resource for Medicare beneficiaries who are weighing their options.
Enrollment in MA is projected to be 35.7 million nationally in 2025, an increase from 2024, representing approximately 51 percent of all people enrolled in Medicare. The Centers for Medicare and Medicaid Services (CMS) has issued a press release previewing what beneficiaries might expect from MA and Part D plan offerings for the 2025 benefit year. It announced that average premiums, benefits, and plan choices for MA and the Medicare Part D prescription drug program will remain stable in 2025 nationwide. However, the NY-specific fact sheet indicates that MA premiums in NY will, on average, increase from $30.35 in 2024 to $42.90 in 2025. CMS has also launched its 2025 Medicare Plan Finder to help people with Medicare determine the best Medicare option for their health care needs.
This is an optimal time of year for providers to familiarize themselves with the plans being offered in their market, the supplemental benefits the plans offer, their rate structures, and their market penetration. This information may help providers to both educate residents and patients about their options and evaluate their own contracting relationships with plans.
Residents, tenants, and patients may seek information from their providers. Providers may want to communicate with them about which plan networks, if any, your organization participates in and what plan enrollment means for their out-of-pocket costs. You may also want to:
- introduce them to the Medicare and You handbook.
- answer questions or discuss the merits of a plan or plans, including cost sharing and benefit information.
- refer patients to other sources of information, such as NY's Health Insurance Information, Counseling, and Assistance Program, 1-800-701-0501, or the CMS Get started with Medicare website or 1-800-MEDICARE.
- offer support in applying for Medicare Savings Program assistance with paying for Medicare premiums and cost sharing.
For more information and resources about MA and Special Needs Plans, LeadingAge members are encouraged to check out the LeadingAge National Center for Managed Care Solutions and Innovations.
Contact: Karen Lipson, klipson@leadingageny.org