With just over two-weeks left for Medicare Open Enrollment, which ends on December 7, JABA is urging beneficiaries to book free counseling appointments to review their options.

"There are some big changes when it comes to medicare drug prescriptions," says Randy Rodgers, JABA's Manager of Insurance Counseling, "so it's more important than ever before to look at your options during open enrollment."

The good news is that for the first time ever, thanks to Congress passing a new prescription drug law in 2022, out-of-pocket drug costs will be capped at $2000 annually AND you can pay that in monthly installments. This is HUGE for anyone who has had to pay thousands for their needed prescription drugs.

In addition, the new law limits insulin costs to $35 a month and gives Medicare the power to negotiate with drug makers to lower prices. In the first round of negotiations, which is expected to involve 10 popular drugs available at reduced cost in 2026, Medicare beneficiaries are expected to save as much as $1.5 billion in out-of-pocket expenses.

However, the bad news is that insurance companies are responding to the changes by trimming and/or cutting benefits and increasing charges elsewhere, which could prove costly (and complicated) for Medicare beneficiaries.

When Virginia Senator Tim Kaine visited JABA earlier this year, he recognized that, despite new reductions in prescription drug price, dealing with Medicare "is still too complicated" and "leads people to choose plans that aren’t the best plans for themselves."

"Last year we helped over two thousand people during Medicare open enrollment," says Rodgers, "...and fifty percent of those people changed plans because they were going to save money on their premiums or prescriptions. Throughout open enrollment last year we helped people save nearly $2 million on their prescriptions. So, it's important to look at your options during open enrollment."

Learn more by calling 434-817-5248 or visiting our Medicare Insurance Counseling page.