The Annual Enrollment Period Medicare (AEP) runs from October 15th to December 7th, and it is the time every year when Medicare beneficiaries can make changes to their current coverage. Beneficiaries can switch from traditional Medicare to an Advantage plan or vice versa, or add, switch or drop a Part D drug plan. Plans and options change every year, so it’s important to review what’s best for you.
Unfortunately, most people don’t.
According to a just released study by the Kaiser Foundation, 71% of Medicare beneficiaries neglect to review their coverage options annually. According to Kaiser, “the average Medicare beneficiaries can choose among 33 Medicare Advantage plans and 30 Part D stand-alone prescription drug plans (PDPs).”
Costs and coverages between the plans can vary significatly, and the plans themselves change every year:
New players may enter the market.
Plans may be dropped, added, or changed as insurance companies try to optimize their product line.
Provider networks may change, which means your doctor may not be in network anymore.
Drug formularies may change, which means your current plan may not include all of your prescription drugs.
Also, your health needs may have changed since last year.
For the reasons stated above, the Centers for Medicare & Medicaid Services (CMS) recommends that beneficiaries review and compare Medicare plans each year. Medicare is complicated, and it’s hard to know if you’re choosing the option best for your needs. Feel free to contact me for an expert opinion.
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If you want to do a quick comparison yourself, you can see how your current plan compare compares to others by going here.