Personal Finance

Medicare open enrollment ends Dec. 7. These last-minute tips can help

Published

6 months ago

December 3, 2024

Business Finance News

The Good Brigade | DigitalVision | Getty Images

Older Americans have just a few days left to evaluate their Medicare coverage for next year.

Medicare’s annual open enrollment period for health plans and prescription drug coverage runs until Dec. 7. Experts say it’s worthwhile for Medicare’s 67.8 million beneficiaries to make sure they have the best coverage for their needs.

“Now is as good a time as any,” said Juliette Cubanski, deputy director of the program on Medicare policy at KFF, a provider of health policy research.

While many beneficiaries are comfortable with their plans and may be reluctant to change, it’s still a good idea to look at all the options that are available, she said.

“It’s possible that you could save money,” Cubanski said. For example, you may find a plan that offers lower cost sharing for expensive medications or offers better coverage or extra benefits, she said.

Beneficiaries should start with Medicare.gov as they start to shop for plans, according to Philip Moeller, author of “Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs.”

Medicare.gov’s online plan finder can help provide an overview of the plans available in a beneficiary’s geographic area and the monthly premiums and specific costs associated with services provided through those plans, Cubanski said.

Trained counselors are also available to provide free Medicare advice in every state through the State Health Insurance Assistance Program, also known as SHIP.

To effectively compare plans, there are some helpful tips that are good to keep in mind, experts say.

Make sure you have access to preferred providers

Beneficiaries may choose to go with original Medicare — Parts A and B with the option to add Part D prescription drug coverage — or private Medicare Advantage plans.

With original Medicare, you can see any doctor in the country who accepts Medicare, so access is not an issue, Moeller said.

But with Medicare Advantage plans, there are provider networks that limit the choice of doctors and hospitals from which a beneficiary may choose, he said.

It’s best to check — not assume — that the doctors you want to see will be covered by your plan, Moeller said.

Call Medicare Advantage plans or medical providers directly to find out if they are still covered, as brochures can sometimes be outdated, Cubanski said.

Check if your prescription drugs are covered

U.S. President Joe Biden delivers remarks, during an event on Medicare drug price negotiations, in Prince George’s County, Maryland, U.S., August 15, 2024.

Ken Cedeno | Reuters

Starting in 2025, there’s a $2,000 annual out-of-pocket cap on prescription drug costs through Medicare Part D.

That change is due to the Inflation Reduction Act, a federal law enacted in 2022.

Consequently, insurance will pay more for about 8% of people who take expensive prescription medications, but they may look for ways to get their money back for the remaining 92%, Moeller said.

That may come in the form of higher co-pays or deductibles or less generous plan benefits.

“The details really matter this year for Part D plans,” Moeller said. “People should do their homework and make sure that their Part D plan still does what they wanted it to do.”

Medicare Advantage plans, on average, will see deductibles for prescription drug coverage increase next year. Typically, those have been around $50 per month on average, though next year that will go up to just over $200, according to Cubanski.

“People in Medicare Advantage on average, will be facing a higher deductible for drug coverage in 2025,” Cubanski said.

Pay attention to your out-of-pocket costs

Open enrollment provides an opportunity for beneficiaries to manage how much their overall out-of-pocket costs — including premiums, deductibles and coinsurance — may increase in 2025.

“Make sure that you have manageable out-of-pocket expenses for the year,” Moeller said.

With original Medicare, beneficiaries typically pay no premiums for Medicare Part A. However, in 2025, the standard monthly Part B premium will go up to $185 per month — a $10.30 increase from $174.70 this year. Annual deductibles for Medicare Part B will go up to $257 in 2025 — a $17 increase from the $240 annual deductible for 2024.

Notably, Medicare Part B typically only covers 80% of expenses for doctors and outpatient costs, which can take a financial toll on beneficiaries, Moeller said. To help defray those costs Medicare doesn’t fully pay for, most people get a Medigap plan, he said.

Medigap, also known as Medicare supplement insurance, provides private insurance to help pay for out-of-pocket costs not covered under original Medicare plans. Average monthly Medigap premiums are $217, according to a recent KFF analysis, though those rates vary by state.

With Medicare Advantage, costs may vary from plan to plan, Moeller said, and you may pay more to see a doctor who is out of network.

Medicare Advantage enrollees face an average out-of-pocket limit of $4,882 for in-network services, according to KFF, or $8,707 for both in-network and out-of-network services.

Bottom line: “Details matter,” Moeller said.

Medicare original vs. Advantage: Choice is personal

Humana shares tumble on lower Medicare Advantage quality rating

Medicare Advantage has received its share of criticism, particularly for restricted access to care and unexpected costs some beneficiaries have encountered.

But experts say the choice between private Medicare Advantage plans and government Medicare original plans is largely personal.

“For some people, Medicare Advantage might be the right call,” Moeller said.

Medicare Advantage has certain upsides. It’s generally cheaper for consumers than traditional Medicare with a Medigap plan, Moeller said. It generally provides out of pocket protection against catastrophic health bills. It may also provide supplemental coverage for hearing, vision and dental, while traditional Medicare does not, he said.

However, Medicare Advantage enrollees may need to get prior authorization before receiving certain types of care, Cubanski said. In contrast, traditional Medicare generally does not use prior authorization.

You may still be able to make changes after Dec. 7

A senior citizen holds a sign during a rally to protect federal health programs at the 8th Annual Healthy Living Festival on July 15, 2011 in Oakland, California.

Justin Sullivan | Getty Images

In some cases, beneficiaries may still be able to make changes after the official Dec. 7 end of Medicare open enrollment.

“Dec. 7 is important, but it’s not the end-all date, in case you need to make some changes,” Moeller said.

Medicare Advantage has its own special open enrollment period that will start on Jan. 1 and last through the first quarter. During that time, Medicare Advantage beneficiaries may switch to a different Medicare Advantage plan, opt for original Medicare or enroll in a standalone Part D drug plan.

Alternatively, if you have had a life-changing event, such as a move, you may qualify to take advantage of Medicare’s special enrollment periods.

Moreover, people who live in areas that were affected by hurricanes or wildfires in 2024 may have more time to sign up for their 2025 coverage, according to KFF.

Personal Finance

What Trump, Harvard battle over international student visas may cost

Published

9 hours ago

June 9, 2025

Business Finance News

Rep. Khanna on foreign student ban: International students contribute $44B to the American economy

The escalating battle between the Trump administration and Harvard University over international student visas could come at a high economic cost.

Altogether, international students who studied in the U.S. contributed $43.8 billion to the U.S. economy in the 2023-24 academic year, according to the most recent data by NAFSA: Association of International Educators. In Massachusetts, alone, international students contributed nearly $4 billion and supported more than 35,000 jobs.

At Harvard, the share of international students is disproportionately high compared to most other colleges and universities. International students accounted for 27% of Harvard’s total enrollment in the 2024-25 academic year, up from 22.5% a decade earlier.

With more than 6,000 international students, Harvard supports over 1,125 local jobs and contributes $180 million to the greater Boston economy, largely through student spending, according to a new analysis by Implan, an economic software and analysis company.

A ban on international enrollment could destabilize a vital revenue stream, said Bjorn Markeson, an economist at Implan.

“Because Harvard has a very high international student population, it’s going to have more of that impact,” Markeson said. “The economy is a network structure, so dollars flow through. They don’t just stay in one place — and when something hits Boston, it affects New England as a whole.”

A Harvard University student walks through Harvard’s campus.

Erin Clark | Boston Globe | Getty Images

Schools have increasingly sought out international students “because they compliment the student body, and that benefits all students,” said Robert Franek, The Princeton Review’s editor-in-chief.

But foreign students also typically pay full tuition, which makes international enrollment an important source of revenue for Harvard and many colleges and universities in the U.S., according to Franek.

Where the Trump, Harvard battle stands

For now, the fate of international enrollment at Harvard and elsewhere is still up in the air.

Tensions between the federal government and the Ivy League university have continued to escalate after Harvard in April refused to meet a set of demands issued by the Trump administration’s Task Force to Combat Anti-Semitism.

In May, President Donald Trump attempted to ban Harvard from enrolling international students, but a federal judge issued a temporary restraining order on Friday “to maintain the status quo.”

U.S. District Judge Allison Burroughs said the restraining order would remain in effect until June 20. Meanwhile, Harvard President Alan Garber said that “contingency plans are being developed to ensure that international students and scholars can continue to pursue their work at Harvard this summer and through the coming academic year.”

In an interview with NBC News on Friday, U.S. Secretary of Education Linda McMahon said Harvard needs to do more to combat antisemitism on campus and screen admissions of foreign students.

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Personal Finance

Supreme Court gives DOGE access to personal Social Security data

Published

10 hours ago

June 9, 2025

Business Finance News

A sign in front of the entrance of the Security Administration’s main campus on March 19, 2025 in Woodlawn, Maryland.

Kayla Bartkowski | Getty Images

The Supreme Court on Friday granted the Department of Government Efficiency access to Social Security Administration data that includes sensitive personal information of millions of Americans.

The decision comes as the federal government sought a stay, or temporary suspension, after a federal judge blocked DOGE’s access to that data in April. The nation’s highest court granted an emergency application from the Trump administration to lift that injunction; the case is expected to proceed in lower courts.

In its decision, the Supreme Court concluded the Social Security Administration may give DOGE access to agency records while the case plays out “in order for those members to do their work.”

Both the White House and the Social Security Administration called the Supreme Court decision a victory. In a statement, White House spokesperson Elizabeth Huston said it will allow the Trump administration to “carry out commonsense efforts to eliminate waste, fraud and abuse and modernize government information systems.”

Likewise, Social Security Commissioner Frank Bisignano in a statement said the agency “will continue driving forward modernization efforts, streamlining government systems, and ensuring improved service and outcomes for our beneficiaries.”

Yet others expressed grave concern in reaction to the decision, including Justice Ketanji Brown Jackson, advocacy groups and plaintiffs in the case against DOGE and the Social Security Administration.

“This is a sad day for our democracy and a scary day for millions of people,” said the coalition of plaintiffs including American Federation of State, County and Municipal Employees; the American Federation of Teachers; and the Alliance for Retired Americans, who are represented by Democracy Forward.

“This ruling will enable President Trump and DOGE’s affiliates to steal Americans’ private and personal data,” they said, while vowing to “use every legal tool at our disposal” to prevent the misuse of public data as the case moves forward.

Millions of Americans’ sensitive data at stake

The dispute focuses on how much access DOGE should have to Americans’ personal data.

The plaintiffs filed an initial complaint in early March, stating the Social Security Administration had “abandoned its commitment to maintaining the privacy” of the sensitive personal information of millions of Americans under DOGE’s influence.

The Social Security Administration collects and stores some of the “most sensitive” personally identifiable information of millions of Americans, ranging from seniors to adults to children, the complaint notes.

When applying for a Social Security number, the agency requires the disclosure of place and date of birth, citizenship, ethnicity, race, sex, phone number and mailing address. It also requires parents’ names and Social Security numbers.

But the agency is also privy to other personal data, including personal health information, the complaint notes. That includes:

driver’s license and identification information
bank and credit cards
birth and marriage certificates
pension information
home and work addresses
school records
immigration and naturalization records
family court records
employment and employer records
psychological and psychiatric health records
hospitalization records
addiction treatment records
records for HIV/AIDS tests

The Social Security Administration also collects tax information, including total earnings, Social Security and Medicare wages and annual employee withholdings.

What you need to know about Social Security

DOGE has not only accessed the agency’s sensitive and protected information; it has also publicly shared it, according to the complaint. The actions of the defendants, including the Social Security Administration, DOGE and leaders including former head Elon Musk, have deprived Americans of privacy protections guaranteed by federal law and made their personal information vulnerable, the complaint alleges.

In her dissent, Jackson, joined by Justice Sonia Sotomayor, notes that records show “DOGE received far broader data access” than the Social Security Administration usually allows in fraud, waste and abuse investigations. Typically, those investigations start with high level, anonymized data, with more access to more detailed information only granted as necessary.

Justice Elena Kagan also dissented in the 6-3 decision.

“The government wants to give DOGE unfettered access to this personal, non-anonymized information right now – before the courts have time to assess whether DOGE’s access is lawful,” Justice Jackson wrote.

While litigation is pending, the government has asked to temporarily suspend the lower court’s temporary limitations on DOGE’s access to Social Security data, she noted.

“But the government fails to substantiate its stay request by showing that it or the public will suffer irreparable harm absent the court’s intervention,” Justice Jackson wrote.

Personal Finance

Student loan borrower in SAVE forbearance says interest growing

Published

15 hours ago

June 9, 2025

Business Finance News

Los Angeles, CA – May 17: Signage and people along Bruin Walk East, on the UCLA Campus in Los Angeles, CA, Wednesday, May 17, 2023.

Jay L. Clendenin | Los Angeles Times | Getty Images

An unexpected $3,000 in interest

Ellie Bruecker

Courtesy: Bruecker Family

Despite the government’s promises, Bruecker’s student debt has grown by around $3,000 during the roughly year-long SAVE reprieve, her loan documents show.

“I saw those numbers and my eyes bugged out of my head,” said Bruecker, 34.

She’s not the only SAVE borrower seeing interest accruing: Other people facing the same issue have taken to social media to try and get answers.

At one point, around 8 million people were enrolled in the SAVE plan, according to the Education Dept.

Bruecker happens to work as the director of research at The Institute for College Access & Success, a nonprofit that does advocacy work in the higher education space. But she wonders how many student loan borrowers will even know that this wasn’t supposed to happen, let alone be able to get it corrected.

“Will they resolve this for everyone, or just those who get them on the phone and are loud about it?” she said.

Advocate: Check your loan history

It’s unclear how widespread the issue is.

A spokesperson for the Education Dept. did not answer CNBC’s questions about the issue some borrowers are facing, but said that those “enrolled in the SAVE Plan remain in a forbearance that is not accruing interest.”

Mohela did not immediately respond to a request for comment.

But Mohela has a notice at the top of its website that reads: “If you recently received an interest notice for your student loan account, please know that this is not a bill, and no action is necessary at this time.”

The notice goes on to say that, “For borrowers on the SAVE administrative forbearance, interest is currently set at 0%. Refer to your loan details in your notice.”

The company does not say that the alerts were sent in error, but they likely were, said higher education expert Mark Kantrowitz.

“MOHELA sent out misleading notices to their borrowers who are in the SAVE repayment plan,” Kantrowitz said.

“Borrowers who are worried about the MOHELA letter should check their loan history to see if the balance has changed,” Kantrowitz added. If their debt has grown since July 2024, “they should contact MOHELA,” he said.

Educator and former U.S. Representative Dr. Jamaal Bowman speaks to hundreds of students from Washington, DC universities protesting U.S. President Donald Trump’s dismantling of and funding cuts to the Department of Education, in Washington, D.C., U.S. April 4, 2025.

Allison Bailey | Reuters

Bruecker said her loan records from both Mohela and the Education Dept. reflect a higher balance after roughly around $3,000 in interest was added to her debt during the forbearance.

“Mohela has been allowing interest to accrue the entire time my loans have been in this SAVE forbearance,” she said.

She tried to contact Mohela to correct the error, but said she was unable to reach a representative despite waiting on the phone for hours.

In recent months, the Trump administration has terminated around half of the Education Department’s staff, including many of the people who helped assist borrowers when they ran into issues like this one. A federal judge has ordered Trump officials to reinstate the terminated employees, but the administration is now asking the Supreme Court to block that order.

“With the level of dysfunction at the Education Department right now, I have a real distrust this is going to get resolved for people,” Bruecker said.