One week before Thanksgiving, I spoke with a woman who was not happy with her Medicare Part D plan.
“I need to change and would like to get my husband’s Mutual of Omaha drug plan. He’s very happy with it and not going to make any changes.”
An alarm bell went off in my head. Apparently, he did not open the mail from his drug plan and has no idea about a big change that’s coming his way.
Two Companies Will Stop Offering Medicare Part D Plans in 2025
Two Part D plan sponsors are exiting the market this year.
KFF reported that the loss of these two companies will leave 537,000 enrollees without a drug plan next year. As Mutual of Omaha noted on its website, they must enroll in a new plan for 2025 if they want coverage; they won’t be enrolled automatically in a new plan.
How many of these half-million enrollees realize what is happening? That depends on whether they opened their letters. I suspect only a few; paying attention to drug coverage is not at the top of many lists. A recent KFF report noted that only 3 in 10 beneficiaries compare their current plan to others that are available. If those numbers are any indication, there could be over 350,000 members of Mutual of Omaha and Clear Spring who have no idea they could be without drug coverage in 2025.
There’s Still Time
The annual Open Enrollment Period ends December 7. Before that deadline, check out available plans on the Medicare Plan Finder. Once you find a plan that will work, enroll promptly. The call centers may be overloaded so consider enrolling online. Just click the green Enroll button and follow the instructions.
Don’t start 2025 without a Part D drug plan. If you do, you’ll likely regret it.
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