It's the Medicare open enrollment period, and significant changes are coming to Medicare Advantage plans starting in 2025. Personal finance expert and author of "The Savage Truth on Money," Terry Savage, joins Wealth! to discuss why people need to look beyond the $2,000 drug cap change and focus on choosing the right plan.

Savage emphasizes that anyone with Medicare drug coverage "must check in with what your drug coverage will be next year." She notes that drug companies have eliminated some drugs, only chosen generics, and moved certain drugs into tiers with higher co-pays, meaning "you must... search for how your drugs are covered."

When choosing the right Medicare plan, Savage advises comparing Medicare drug plans on Medicare.gov. She stresses the importance of considering monthly premiums, total costs for the coming year, and drug coverage when making this critical decision, as open enrollment ends on Dec. 7.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Angel Smith