The Annual Enrollment Period (AEP) for Medicare will begin on October 15 and last until December 7. It’s the time when a Medicare beneficiary can make changes to their current coverage.
Plans change every year, and the needs of beneficiaries also change. If you’re already enrolled with a Medicare plan, you will receive an Annual Notice of Change (ANoC) letter in September which will explain changes affecting your plan for the upcoming year.
Changes might include:
An increase in premium
Changes in benefits
Changes in member doctors
Changes in prescription drug formularies
Do you need to take action? Here’s some things to consider:
If you have a Medicare Advantage Plan - check the current list of member doctors, healthcare facilities, and medication coverage. The list gets updated every year, so you need to make sure it still works for you.
If you have an original Medicare and are interested in going to a Medicare Advantage Plan - AEP is the time when you can make the switch from one plan to another. Weigh the pros and cons and see what’s best for you. Need help? Contact me.
If you have a Part D Drug plan - you can switch from one Medicare Part D (prescription drug) plan to another during AEP. Prices, drugs covered, and pharmacies change annually, so compare plans and make sure your plan still works best for you.
What if you’re mostly happy with your plan, but want to make sure it still works for you?
First of all, good for you. It’s good you’re being proactive. You may be fine with what you have, but you might also be able to fine-tune your plan or refocus it for better coverage and cheaper prices. The Annual Enrollment Period (AEP) is the time to make changes.
Hope this helps. I represent many insurance companies, and I work hard to find the plan that works best for my clients. I also present all reasonable options so that you can be informed. If you have questions or want to review your plan, please let me know.