A swirl of challenges is looming for Medicare recipients ahead of the annual enrollment period beginning Oct. 15.
"As we approach this year's annual enrollment period, it's evident that the process will be more complex and overwhelming than ever before," Fran Soistman, CEO of insurance marketplace eHealth, told Newsweek on Aug. 13. "We're facing a 'perfect storm' of challenges — a presidential election that will distract beneficiaries during the critical early weeks, a late Thanksgiving that compresses decision-making time, and significant market changes."
Some large MA insurers have also warned that certain supplemental benefits could be cut in 2025 as they focus on regaining profitability.
The annual enrollment period takes place from Oct. 15 to Dec. 7, with coverage starting January 1, 2025. Mr. Soistman is advocating for CMS to delay the enrollment deadline by five days to provide enrollees with more time to make a decision.
Along with some insurers exiting MA markets for next year, Medicare beneficiaries will see several big changes in 2025.
The Inflation Reduction Act capped annual out-of-pocket costs for prescription drugs at $2,000 under Medicare Part D. MA plans will also be required to send beneficiaries an unused supplemental benefits report in July, which will also explain out-of-pocket costs and how to use the benefits. Brokers will also no longer receive incentives for enrolling older adults in MA plans next year.