WellCare's Medicare Part D Prescription Drug Plans

WellCare Medicare Part D Prescription Drug Plans

IMPORTANT ANNOUNCEMENT REGARDING WELLCARE'S MEDICARE PART D PRESCRIPTION DRUG PLANS

Some significant changes are coming to Medicare for the 2025 Plan year, primarily to Medicare Part D.We thought it was essential to send this article to all our clients, subscribers, prospective clients, and visitors.

With congressional approval of the Biden Administration's Inflation Reduction Act, significant changes are coming to Medicare. Most of these changes are fantastic and long overdue for many Medicare Beneficiaries. However, these rapid changes have a cause-and-effect relationship that needs to be explained.

FIRST, LET'S LOOK AT THE CHANGES FOR 2025

• The "Catastrophic Phase," also known as the "Donut Hole" in Medicare Prescription Drug plans, will be eliminated effective January 1, 2025.

  
  

• Due to uncertainty about how much these changes will negatively affect Insurance Companies, many have decided not to participate in Part D Plans in 2025. A few of the more prominent names that will not offer Stand-Alone Medicare Prescription Drug Plans in 2025 include BCBS Franchisees, Mutual of Omaha, and Banner Health.

  
  

• There will be far fewer plans for Medicare Beneficiaries to choose from in 2025.

  
  

• BCBS of Arizona and Mutual of Omaha are not offering any Stand-Alone Prescription Drug Plans in 2025. Humana and Aetna will offer only 1 Plan each, down from 3 previously.

  
  

• The Medicare Part D deductible is increasing to $590.00.

  
  

• It appears that several companies will not offer reduced-deductible plans for the 2025 Plan Year.

  
  

• WellCare and Cigna will both offer one low-premium plan. However, the average cost of all Medicare Part D plans nationwide will be around $37 per month, with most plans $44.

  
  

• For Medicare Beneficiaries who take Brand-Name Medications and have typically enrolled in plans with higher premiums, premiums have been reduced compared with the past few years.

  
  

• WellCare (CENTENE Corporation) has decided to deal with this Brave New World by no longer paying Commissions to Agents and Brokers, not just for any "New" Medicare Part D Plans for 2025 but also on renewals of all current WellCare Stand-Alone Medicare Part D Drug Plans, including their very popular WellCare Value Script PDP plan.

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OUR ASSESSMENT OF THESE DECISIONS

We applaud Congress and CMS for taking positive steps to save Medicare Beneficiaries Millions of Dollars by finally putting a "Cap" on prescription drug Plan costs.

We absolutely and unequivocally disagree with WellCare's shortsighted, quick-trigger approach to a situation that has not yet been officially implemented. As such, we have determined that it is in our company's best interest not to offer WellCare Prescription Drug Plans for at least the 2025 Medicare plan year and not to make them available as an option to any of our clients in 2025. Based on common-sense business logic, this will significantly harm WellCare. We believe WellCare has chosen a severely myopic approach to the new rule changes, and we refuse to be complicit in any of their actions.

We estimate the minimum time required for agents and brokers to market and enroll clients and new Medicare beneficiaries in any Medicare Part D Prescription Drug Plan.

Most of you already know that we take great pride in the detail and research we put into our plans. If any company seeks to discount and diminish the role and importance of licensed, independent agents and brokers, we will not sell, market, or enroll anyone in their plans.

MOVING FORWARD, BEGINNING WITH THE MEDICARE AEP (ANNUAL ENROLLMENT PERIOD), WHICH RUNS FROM OCTOBER 15th THROUGH DECEMBER 7th

We will not include WellCare Prescription Drug Plans in that. Still, we have Medicare Part D Drug Comparisons. All current and prospective clients are welcome to contact WellCare directly to enroll in one of their Medicare Part D Drug Plans, if that is their preference. Still, we can no longer assist them if they partner with WellCare and Centene Corporation for their Medicare Part D Prescription Drug plans.

WRAPPING THINGS UP

With all of these changes, we believe it is vital that every Medicare Beneficiary get a review of their Prescription Drug Plan before the 2025 Plan Year. There are too many changes to risk not comparing your plan with other available plans.

One thing about AEP is that it starts the new Plan Year. However, we cannot unveil or market the latest plans to anyone before October 15, 2024. We cannot discuss any plan specifics until then. For this reason, we cannot list any other Drug Plans that will be available in the 2025 Plan Year. We wish we could, but we are not legally permitted to do that. We genuinely appreciate your understanding.