The Hidden Bad News Behind Medicare's $2,000 Drug Coverage Cap

It's the open enrollment period for Medicare, and starting in 2025, Medicare Advantage plans will change significantly. Personal finance expert and author of The Savage Truth on Money, Terry Savage, joins Wealth! to discuss why people need to look beyond the $2,000 drug cap change and focus on choosing the right plan.

Savage emphasizes that anyone with Medicare drug coverage “needs to find out what your drug coverage will be next year.” She notes that drug companies have eliminated some medications, opting only for generics and moving certain medications into tiers with higher copays, meaning “you…have to figure out how your medications are covered.”

When choosing the right Medicare plan, Savage recommends comparing Medicare drug plans on Medicare.gov. She emphasizes the importance of considering monthly premiums, total costs for the coming year and drug coverage when making this important decision, as open enrollment ends December 7.

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This post was written by Angel Smith