Greetings! I hope this message finds you in good health. Hopefully we have seen the last of the snow and will have some much warmer weather ahead for Summer 2024.

We have been very busy for the start of 2024. Our Annual Enrollment Period, which ended in December, was a huge success. We had thousands of conversations with our clients discussing plan changes and reassuring everyone things look good for 2024 as far as your insurance plan goes.

I am super excited about the new program we kicked off this year called “The OHB Advantage”. We have learned that most of the conversations we have in the fall from our clients are really about wanting to know if their plan is still good for the following year and what changes or new “bells and whistles” the plans have. While we feel rushed on those conversations in the fall, we have much more time starting in January to have more in-depth conversations with our clients. Many of the calls we get in the fall are from our clients watching TV and seeing the Medicare Advantage ads and calling us saying they want to get all of the benefits they see on tv. For the most part we are telling you, our client, that you already have most, if not all the benefits highly advertised (think dental, vision, hearing aids, OTC benefits and more).

We have also been having The OHB Advantage sessions with our Medicare Supplement clients to talk more in depth about the differences between a Medicare Supplement plan and a Medicare Advantage plan. When Dave and I started this business in 2004 only about 15% of Medicare people were on an Advantage plan. In 2023, 51% of the Medicare eligible people in the US were covered on Medicare Advantage plans. At OHB for 2023, 71% of the new Medicare people we met chose Medicare Advantage plans compared to 29% who chose Medicare supplements.   As an independent agent looking out for you we don’t care what style plan you enroll into….we just want to make sure you know the differences and positive and negatives of the different plans available to you.  

So what about 2025?  We are expecting some very significant changes in the Part D prescription offerings and benefits for 2025 due to the Inflation Reduction Act of 2022.  The good news about the changes are that there will be no more “donut hole” in 2025.  The maximum out of pocket prescription costs for 2025 will be capped at $2,000 per person per year.  For people on very high-cost medications, they will see significant cost relief.  On the other hand, we are anticipating some serious “shake-ups” in the Plan D offerings and the cost of Part D plans for 2025.  Already one carrier has announced they are exiting the market for 2025.  I am not writing about this to alarm you about 2025 but think of it as more of a warning to watch the mail in the fall for your plan change information.  Of course, we will be on top of the changes and will reach out to you if there is a need to make a plan change.

In closing, if you would like to participate in one of our OHB Advantage Sessions give us a call!   We intend on continuing them throughout the summer.  The success of these sessions has been very favorable with lots of great compliments and response.  We intend on doing sessions like them each year starting in January for the new plan info.