BUCKHANNON – Medicare is confusing – and even more so this year with the closure of the donut hole.
Luckily, local independent insurance agent Jeff Barnhart is here to simplify the process during the 2025 Medicare open enrollment period for coverage. This period began on October 15th and ends on December 7th, 2024.
“It can be overwhelming, and we’re here to make it easy,” Barnhart said.
Barnhart, owner of Barnhart Financial Services, specializes in helping his clients find the plan that best suits their needs. This is especially important this year as the Medicare donut hole is closed.
“Every senior needs to know about this,” Barnhart said. “There have been so many changes that it is important that they take time to review their plan. This is your once-in-a-lifetime opportunity to enroll in 2025 plans, and it is important to do so this year because of the Inflation Reduction Act and its impact on Medicare prescription drug plans.”
The biggest change that will affect most people is the closing of the Medicare Part D prescription drug plan “doughnut hole.” In the past, the Part D donut hole or coverage gap meant that there was a temporary limit on coverage on a patient’s drug plan.
However, due to the Inflation Reduction Act, this gap expires on December 31, 2024.
“Previously, the maximum amount a person had to spend out-of-pocket on prescription drugs per calendar year was $8,000, but now that the donut hole has been removed, the maximum amount a person could pay out-of-pocket is $8,000 must, $2,000.” Barnhart explained. “After they eliminate the donut hole, if you reach your $2,000 deductible limit, you automatically go into catastrophic coverage and pay nothing for your medications — but there’s no easy calculation — that’s the key.”
Closing this coverage gap may impact which plan is best for adults age 65 and older. That’s why your best bet is to see an agent who specializes in Medicare, like Barnhart.
“It’s a maximum out-of-pocket amount of $2,000, but it’s not a simple calculation,” he said. “So they should really think about meeting with an agent who covers Medicare because then they can see how the Inflation Reduction Act drug plans will affect them in 2025.”
Other key changes also include the new ability to enroll in a monthly prescription drug payment, where patients pay directly to the insurance carrier – rather than to the pharmacy at the time of pickup – rather than to the pharmacy. Insulin is also capped at $35 per month.
Barnhart is a customer-focused, independent broker that simplifies complicated matters so its clients can choose the plan that best suits their needs.
It offers the following insurance carriers: Aetna, Peak, Highmark, United Healthcare – AARP, Mutual of Omaha, Cigna, Humana and Manhattan Life, all with Medicare coverage.
To guarantee a spot with Jeff, call him at 304-459-2141. He will also be at CVS Pharmacy most weekdays and some Saturdays from 10 a.m. to 2 p.m. through December 7th.
“The best thing to do is call me to make an appointment,” he said.
Barnhart Financial Services is also hosting two days of free Upshur County Medicare Workshops throughout the SureStayPlus Hotel in Buckhannon, 2 Northridge Road, at the following dates and times:
- Oct. 28 from 11 a.m. to 12:30 p.m
- Oct. 28 from 1:00 p.m. to 2:30 p.m
- November 19th from 11 a.m. to 12:30 p.m
- November 19th from 1:00 p.m. to 2:30 p.m
“This is only seven weeks of the enrollment period and it’s going fast, so we want people to be ready,” Barnhart said.
Call 304-365-2362 or 304-459-2141 to schedule an appointment or register for one of the free Medicare workshops. Email Jeff at [email protected] or follow Barnhart Financial Services on Facebook to learn more about Medicare health plans and Jeff’s availability during this year’s enrollment period.
