Written by Trish Pearson
guarantee your future
trish pearson
Admissions to Medicare, individual and many group insurance plans will take place between October and December, with an effective date of January 1st. Of course, these don’t match up perfectly, so it’s important to know your interview schedule.
Important dates for Medicare’s annual enrollment period are October 15 to December 7, and important dates for individual insurance coverage for those under age 65 are November 1 and December 15. Open enrollment for insurance through your employer varies depending on the situation, but typically runs from October 15th to December 15th, depending on the company.
Medicare’s strategy this year is “You don’t have to go straight, it’s okay to date.” In other words, there are plan changes that may require you to switch to another plan and/or another insurance company. This year, it’s important to read the annual change notice issued by your current insurance company this month. Not everyone will be affected by this change, but it’s worth taking the time to read the notification.
People taking non-generic prescription drugs are likely to feel the effects the most. Insurers are adjusting formularies, which may impact drug coverage. These changes are due to a significant reduction in the out-of-pocket maximum for drug costs to $2,000 per year in 2025.
Some companies are also changing their coverage for dental, over-the-counter drug, and vision and hearing supplements. All changes will be outlined in our annual change notice. If your current plan is no longer suitable, there are other good options available with other carriers.
For people under 65 with private insurance, Anthem and ConnectiCare plan to offer plans on the exchanges in 2025. Renewal notices will be issued in October. Be sure to read the update instructions and any actions you should take. Don’t ignore the notification, as your coverage may expire on December 31st. HUSKY notifications are also issued monthly. Some people no longer qualify for HUSKY, but may be able to qualify for a plan in exchange for advanced premium tax credits or through the CoveredCT program. If you are unsure about your options, please contact a certified broker at the exchange for assistance.
Turning 65 in 2025? It’s never too early to start planning to enroll in Medicare. We recommend enrolling in Medicare Part A even if you continue to enroll in a group plan through your employer. It’s worth taking the time to compare your Medicare options and your current coverage to determine whether Medicare and supplemental plans can provide more comprehensive coverage at a lower cost.
If you want to learn more, attend an educational seminar that explains the ABCs of Medicare. Orange will hold two sessions in the afternoon and evening of October 8th. The Milford session is scheduled for Oct. 15 at 6:30 p.m. at the Milford Arts Council.
Trish Pearson is a licensed independent insurance agent and certified long-term care specialist. Contact us at 203-640-5969 or trishpearson281@gmail.com.
