The 2025 Medicare open enrollment cycle begins

ST. PAUL, Minn. (GRAY) – Open enrollment for Medicare began Oct. 15, and eligible Americans have until Dec. 7 to apply for the program.

The service is used by more than 67 million Americans, and on Tuesday advocates unveiled a list of new benefits for participants.

“We know that the provisions of the Inflation Reduction Act (IRA) are overwhelmingly popular, but not enough Minnesotans are aware of these benefits,” said Laura Smith of Protect Our Care Minnesota.

The changes made in the IRA have done a number of things since its passage in 2022.

In addition to capping insulin prices, the law gave the government the ability to reduce prescription drug prices.

“In August, the Biden-Harris administration announced new lower prices for 10 of the most expensive and commonly used drugs among Medicare patients,” said Michael Carbonargi, regional director of the U.S. Department of Health and Human Services.

According to Department of Health and Human Services leadership, the provisions will save a lot of money in the long run, but will take several years to take effect.

“These prices will take effect in 2026 and will save seniors $1.5 billion in out-of-pocket costs,” Carbonargi said, “and save taxpayers an additional $6 billion in the first year.”

Other provisions could have a more immediate impact.

Starting in January, following the current open enrollment cycle, prescription out-of-pocket costs will be capped at $2,000 per year.

“The 3.2 million seniors on Medicare who are expected to reach the cap in 2025 will save an average of $1,500 per year out of pocket,” Carbonargi said.

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