{"id":22941,"date":"2024-12-20T07:34:30","date_gmt":"2024-12-20T07:34:30","guid":{"rendered":"http:\/\/www.thinkadvisor.com\/2024\/12\/20\/preparing-for-medicare-changes-in-the-new-year\/"},"modified":"2024-12-20T07:34:30","modified_gmt":"2024-12-20T07:34:30","slug":"preparing-for-medicare-changes-in-the-new-year","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/12\/20\/preparing-for-medicare-changes-in-the-new-year\/","title":{"rendered":"Preparing for Medicare Changes in the New Year"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/909692528\/0\/thinkadvisor.jpg\"><img decoding=\"async\" src=\"https:\/\/feeds.feedblitz.com\/-\/909692528\/0\/thinkadvisor.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/k2-prod-alm.s3.us-east-1.amazonaws.com\/brightspot\/f1\/ec\/4146e868434eadca96d1a7ad353c\/new-year-2025-767x633.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><!----><!----> <\/p>\n<div data-v-dede5a56 readability=\"9\">\n<p><i>Advisor tip:<\/i> Ensure your clients are aware of their total premium cost for 2025, including the increased Part B and Part D premiums.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"7\">\n<p><b>2. Medicare Part B Premium Adjustments:<\/b><\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"12\">\n<p>What&#8217;s changing? Premiums for Medicare Part B outpatient and physician services coverage will adjust for inflation. The surcharge known as the income-related monthly adjustment amount, or IRMAA, will apply to higher-income beneficiaries. The IRMAA adjustment tier for 2025 premiums will be based on beneficiaries&#8217; modified adjusted gross income for 2023.<\/p>\n<\/div>\n<p> <!----> <\/p>\n<div data-v-dede5a56 readability=\"8\">\n<p><i>What it means for beneficiaries:<\/i> Inflation-based adjustments to IRMAA brackets could shift some beneficiaries into different IRMAA tiers.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"10\">\n<p>Advisor tip: Help clients understand their MAGI calculation and appeal IRMAA surcharges if their income was temporarily elevated in 2023 due to unusual life events, such as a retirement or a one-time capital gain.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"7\">\n<p><b>3. Additional Benefits Under the Inflation Reduction Act:<\/b><\/p>\n<\/div>\n<p><!----> <\/p>\n<div data-v-dede5a56 readability=\"8\">\n<p><i>What&#8217;s changing?<\/i> Free vaccines recommended by the Advisory Committee on Immunization Practices and caps on annual Medicare Part D prescription drug plan premium increases will take effect.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"7\">\n<p>What it means for beneficiaries: Reduced costs for preventive care and predictable premiums.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"13\">\n<p><i>Advisor tip:<\/i> Educate clients about these benefits and encourage them to utilize preventive services.<\/p>\n<h2>Broader Considerations And Looking Ahead<\/h2>\n<p>While the new drug cap and premium adjustments are major developments, beneficiaries must still plan for other health care expenses, such as deductibles and co-payments.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"9\">\n<p>Medicare Advantage plans or Medicare supplement insurance plans (also known as Medigap plans) may provide additional cost-sharing options, depending on the beneficiary&#8217;s needs.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"8\">\n<p>Advisors can provide value by helping clients evaluate whether their current plans still meet their health care and financial requirements.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Advisor tip: Ensure your clients are aware of their total premium cost for 2025, including the increased Part B and Part D premiums. 2. Medicare Part B Premium Adjustments: What&#8217;s changing? Premiums for Medicare&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/12\/preparing-for-medicare-changes-in-the-new-year.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22941"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22941"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22942"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}