May 2024 Newsletter
Amy: Michael, do you gossip?
Michael: No, never!... But you know who does?....
Friends,
It was great to get away on family vacation and make family memories. Thank you to so many clients who let me get back to you after vacation to work on your questions and the many people who have requested a change to your June Supplement due to the price increase. We can still make these changes in early May to be effective June 1 since Connecticut is a guaranteed issue state.
About Washington, D.C.:
A) Our favorite thing was our Uber side trip to Mt. Vernon, the home of George Washington and watching the solar eclipse from there.
B) Most overrated, overhyped thing were the Cherry Blossoms.
C) Most underrated museum was the U.S. Postal Museum, especially if you like baseball or collected baseball cards when you were a kid.
Kind Regards,
Michael Antonini
What’s New
2025 Part D Improvements
People with Medicare will benefit from lower prescription drug costs and a redesigned prescription drug program as a result of the new drug law.
Medicare Prescription Payment Plan
For the first time, beginning in 2025, the drug law, known as the Inflation Reduction Act, requires all Medicare prescription drug plans (Medicare Part D plans) — including both standalone Medicare prescription drug plans and Medicare Advantage plans with prescription drug coverage — to offer enrollees the option to pay out-of-pocket prescription drug costs in the form of capped monthly installment payments instead of all at once at the pharmacy.
Part D Redesign Program Instructions for 2025
CMS is detailing improvements to the structure of the Part D drug benefit for Coverage Year (CY) 2025 that will result in lower drug costs for millions of people with Medicare through the release of the CY 2025 Part D Redesign Program Instructions. Thanks to the Inflation Reduction Act, in 2025 annual out-of-pocket costs will be capped at $2,000 for people with Medicare Part D.
Part D Manufacturer Discount Program
The drug law, known as the Inflation Reduction Act, requires CMS to establish a Part D manufacturer discount program beginning on January 1, 2025 as part of the redesign of Medicare Part D benefit. This program will replace the existing Coverage Gap Discount Program, which sunsets as of January 1, 2025.
For more information you can look at this link to see fact sheet about this and keep reading my monthly newsletters as I provide more information as we get closer to 2025.
Ask An Expert: Andrew Rosen
7 Ways To Be Happier When You Retire:
1) Find Purpose and Meaning in Retirement
2) Stay Active and Healthy
3) Cultivate Positive Relationships
4) Learn New Things and Pursue Hobbies
5) Volunteer and Give Back To Your Community
6) Travel and Explore New Places
7) Manage Your Finances and Reduce Stress
Here is a link to a more detailed article from Andrew.
