INDIANAPOLIS — Many of us dislike surprises.
That is why it is important to understand some of the changes coming to Medicare Part D before the Dec. 7 deadline.
Step one, track down your 'Annual Notice of Change.'
That is the 'heads up' your provider sends out about the upcoming year.
The first change you may notice: many Part D plans are ending or merging.
NerdWallet expert Elizabeth Ayoola said that is often because of a plan's profitability or lack thereof.
"It [info] will likely be around section one, and you can see whether you have the same plan, you'll be enrolled in a new plan, or your plan is ending altogether," Ayoola said.
Out-of-pocket costs for the voluntary prescription coverage will also be capped at $2,000 in 2025.
"This can be especially big for people who tend to spend significant amounts on drugs annually, or have had some recent healthcare changes," Ayoola said.
Gap coverage, nicknamed donut hole coverage, will also be going away for everyone next year.
Another change that might help with affordability: a budgeting option that spreads out costs interest-free.
"How people can look at it is like a buy now, pay later option for Medicare, Part D, deductibles, co pays and or coinsurance," Ayoola explained.
Making sure you're prepared for what might hit your pocket.