2025 Medicare Open Enrollment: Review and Update Your Plan

Medicare open enrollment is a critical time for Medicare enrollees to review their coverage options and make necessary changes. Although navigating Medicare’s numerous enrollment options can be challenging, it’s an essential part of managing your finances.

Taking time to reevaluate your coverage can help confirm that it still aligns with your financial planning and evolving medical needs. I wrote this article to simplify the information you need to help you make informed choices during the open enrollment period.

What You Can Do During Open Enrollment

Let’s start by talking about how open enrollment works.

Every year, Medicare open enrollment is from October 15 to December 7. During this period, you can change your Medicare health plan(s) and prescription drug coverage for the following year.

Keep in mind that open enrollment is not for people who haven’t signed up for Medicare yet. If that’s you, the initial enrollment period is determined by your birthday rather than a predetermined day on the calendar.

The open enrollment period affects each Medicare part differently. Here’s what you can do with each part during open enrollment:

• If you currently subscribe to Medicare Parts A & B, you can switch to Part C.
• If you currently subscribe to Medicare Part C, you can switch back to original Medicare (parts A and B) or change to a different Medicare Advantage Plan.
• If you currently subscribe to Medicare Part D, you can switch to a different Part D plan or drop your prescription drug plan altogether.
• You can enroll for the first time in Part C or Part D.

If you don’t make any changes during open enrollment, your current coverage remains the same and rolls over to the following year.

Changes to 2025 Medicare Coverage

Below, I identify two of the bigger changes to your Medicare costs and coverage for 2025. Now is the time to compare your plans and make any necessary adjustments during open enrollment. With significant changes on the horizon, there may be a plan that better fits your needs.

1. $2,000 out-of-pocket spending cap for prescriptions. The first major change you need to know about is that Part D (prescription drug coverage) caps out-of-pocket spending on covered drugs at $2,000 per year. This limit applies to prescription coverage in Medicare Advantage plans as well as standalone Part D insurance. For approved medications, the $2,000 cap covers coinsurance, copayments, and deductibles. It doesn’t apply to meds that aren’t covered by a plan or premiums.

2. Expanded program for family caregiver services. The second change I want to highlight is the launch of a new program aimed at supporting dementia patients and their caregivers, with the goal of expanding services nationwide. The Guiding an Improved Dementia Experience (GUIDE) program offers a range of resources, including a 24/7 helpline, a care navigator to connect individuals with medical and community-based support, caregiver education, and up to $2,500 annually for at-home, overnight, or adult day care respite services. To qualify, participants must be enrolled in original Medicare, have a dementia diagnosis, and not be in hospice or a nursing home.

Our Approach

Navigating Medicare’s open enrollment options can feel overwhelming, especially when considering how it may influence your broader retirement plans. While we don’t handle Medicare guidance directly, we understand its importance in your financial picture. That’s why we connect you with trusted Medicare experts who can provide the information you need.

At Infiniti Wealth Management, our focus is on helping you make thoughtful decisions about your overall retirement strategy. We are here to guide you through the financial choices that align with your goals and values. Whether it’s understanding how Medicare factors in or any other financial matter, we’re committed to helping you stay on track with what matters most.

If you’d like to discuss how Medicare might impact your retirement strategy or have other questions about your financial goals, call our office at 845-278-8638 or send us a message to set up a complimentary consultation.