As Medicare open enrollment begins today, 65 Incorporated co-founder and partner Melinda Caughill joins Wealth! to discuss some of the recent changes to Medicare services.

Medicare recipients now have a $2,000 cap on out-of-pocket spending. However, this limit only applies when medications are covered by the Part D prescription drug plan.

"If they are not covered by your Part D prescription drug coverage, either through a Medicare Advantage or a Part D standalone plan, you're going to pay the full retail price. Whether that price is $500 per month or $30,000 a month, that's on you. And just because your plan covered the medication this year does not necessarily mean that it's going to be covered next year," Caughill explains.

She stresses the importance of reading through the annual notice of changes to understand how your coverage may change. In addition, she notes that many networks are "getting a lot tighter" on Medicare Advantage plans, and recipients should also pay close attention to their providers' coverage.

Watch the video above to hear some of Caughill's top tips for getting the right insurance coverage.

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This post was written by Melanie Riehl