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 Medicare Open Enrollment period for coverage in 2025. That period began Oct. 15 and will close Dec. 7, 2024.
“It can be overwhelming, and we’re here to make it simple,” Barnhart said.
Barnhart, owner of Barnhart Financial Services, specializes in helping his clients pinpoint the plan that best fits their needs. That’s especially imperative this year since the Medicare ‘donut hole’ has closed.
“Every senior needs to know about this,” Barnhart said. “There’s been so many changes that it’s critical they take time to review their plan. This is their one-time chance to enroll in plans for 2025, and it’s important to do that this year because of the Inflation Reduction Act and how it’s going to affect Medicare prescription drug plans.”
The biggest change that will impact the most people is the closure of the Medicare Part D prescription drug plan’s ‘donut hole.’ In the past, with Part D, the donut hole, or coverage gap, meant there was a temporary limit on what a patient’s drug plan would cover.
However, due to the Inflation Reduction Act, that gap expires on Dec. 31, 2024.
“Up until now, the maximum amount spent out-of-pocket on prescription drugs for a calendar year was $8,000, but now that they’ve removed the donut hole, the maximum amount out-of-pocket is $2,000 for one person,” Barnhart explained. “Now that they’ve removed the donut hole, when you get to your $2,000 out-of-pocket limit, you automatically go into catastrophic coverage and don’t pay anything for your drugs – but there’s no easy calculation – that’s the key.”
The closure of that coverage gap may affect which plan is the best for adults 65 and over, which is why seeing an agent like Barnhart, who specializes in Medicare, is your best bet.
“It’s a $2,000 out-of-pocket maximum, but it’s not simple math,” he said. “So, they really should take into consideration coming in to meet with an agent who does Medicare because then they can see how the drug plans are going to affect them in 2025 from the Inflation Reduction Act.”
In addition, other key changes include a new option to sign up for a monthly payment for prescription drugs where patients would pay the insurance carrier directly – and not the pharmacy at the time of pickup – instead of the pharmacy. Insulin has also been capped at $35 a month.
Barnhart is a client-focused, independent agent who simplifies complicated matters so his clients can choose the plan that best suits their needs.
He offers the following insurance carriers: Aetna, Peak, Highmark, United Healthcare—AARP, Mutual of Omaha, Cigna, Humana, and Manhattan Life, all related to Medicare.
To guarantee a spot with Jeff, give him a call at 304-459-2141. He is also set up in CVS Pharmacy most weekdays and a few Saturdays from 10 a.m. to 2 p.m. through Dec. 7.
“The best thing to do is call me for an appointment,” he said.
Barnhart Financial Services is also hosting Free Medicare Workshops in Upshur County for two days at the following dates and times, all the SureStayPlus Hotel in Buckhannon, located at 2 Northridge Road:
- Oct. 28 from 11 a.m. to 12:30 p.m.
- Oct. 28 from 1 p.m. to 2:30 p.m.
- Nov. 19 from 11 a.m. to 12:30 p.m.
- Nov. 19 from 1 p.m. to 2:30 p.m.
“This is a short seven weeks of the enrollment period, and it comes fast, so we want people to be ready,” Barnhart said.
Call 304-365-2362 or 304-459-2141 to schedule an appointment or sign up for one of the free Medicare workshops. Email Jeff at jbarnhartinsure@aol.com, or follow Barnhart Financial Services on Facebook to learn more about Medicare Health Plans and Jeff’s availability during this year’s enrollment period.
