Valued Clients,

For Medicare Part D, there’s a lot of disruption expected for the 2025 plan year caused by the Inflation Reduction Act.

The main change that is taking effect in 2025 is a $2,000/year maximum out-of-pocket cap on covered prescriptions on all plans. This will undoubtedly be a positive for many Medicare recipients who have been stuck paying high prices for their prescription drugs.

In an effort by the insurance carriers to absorb the increased financial burden that they will be responsible for, many plans have no choice but to raise Part D plan premiums (this may be why you've contacted us), shrink formularies and some insurance carriers have left the market and have eliminated the ability of independent agents, like us, from being your servicing agent.

Some carriers have even decided to eliminate our compensation on existing policies starting on 1/1/2025 which, in previous years, has allowed us to be more hands-on in the Part D review and servicing process.

Although we may not be able to be your servicing agent on all Part D policies for 2025, we still have a way to help you review your Part D plan and compare to all the other options on the market.

You, as a client of Martin & Associates, now have access to our Part D shopping page called Medicare Insurance Direct.

You can begin viewing Part D plan options for 2025, starting on October 1st, 2024.

You can officially apply for new Part D coverage during the Annual Enrollment Period (October 15 - December 7).

If you do choose to switch Part D plans for 2025, your new plan will take effect on 1/1/2025 and your existing policy will be automatically terminated on 12/31/2024.

If you haven't already, please watch the introductory video below first and then go to the Medicare Insurance Direct tutorial video page to learn how to review/shop your Part D for 2025.

Thank you for your understanding during this time as we make efforts to adjust to the disruptions in the market!

Ray Martin

Martin & Associates Insurance Services, Inc.