Your Medicare plan may be downgraded or cancelled in 2025: Here's how to check if it will change

Medicare plans often bring updates with the turn of the year. Each season, there are small changes, but in 2025, these adjustments look to be much more significant than in past years—especially with Medicare Advantage Plans.

In addition to the usual annual increases in premiums, some insurance companies have removed coverage for approximately 2,000,000 people.

Why are some Medicare Advantage plans being canceled?

After the announcement that annual out-of-pocket spending for Part D prescription drugs would be capped at $2,000, some insurance companies have exited certain markets, finding them unprofitable, which has left enrollees without their Medicare Advantage plan for 2025.

If your Medicare Advantage Plan has been canceled, you now have the option to enroll in a Medicare Supplement Plan as a replacement and with guaranteed issuance.

If your plan hasn’t been canceled, it’s possible it will be downgraded in 2025. While premiums will likely remain at zero, deductibles may be higher, and other parameters may have changed. In short, now is the time to review your Medicare Advantage plan.

READ ALSO: How to spot and avoid scams on your Medicare account

What is the deadline for modifying my plan?

The Medicare open enrollment period is currently underway. It began on October 15, and the deadline is December 7, 2024. Now is the time to determine if any changes should be made to your plans for the upcoming year.

Additionally, this is the only time of the year when adjustments can be made to plans or a new one can be selected for 2025. You can do this online on Medicare’s official website by creating an account if you don’t already have one.

What are the four parts of Medicare?

Part A: This covers hospital and hospice care, as well as some skilled nursing services. Most people don’t pay a monthly premium for Part A because it’s included in Social Security benefits. However, the Part A deductible is $1,600 per stay. For those who haven’t worked long enough to qualify for premium-free Part A, the monthly premium is $505 per month in 2024.

Part B: Part B includes doctor visits, diagnostic tests, and other out-of-hospital services. The standard monthly premium for Medicare Part B enrollees is $174.70 in 2024. The annual deductible for all Medicare Part B beneficiaries is $240 in 2023.

Part C and Part D: Part C, or Medicare Advantage, combines Part A, Part B and Part D, which helps pay for prescription drugs.

READ ALSO: When will Social Security and Medicare funds run out, according to experts?

*This article was written in Spanish and translated with the help of AI.