The Annual Enrollment Period lasts from October 15 to December 7. It’s a time when you can make adjustments to the plan you already have, as well as drop and switch Medicare health and drug plans. This is only relevant to current policyholders. If you do not have a Medicare plan yet, you won’t be able to make use of this enrollment period. If you’re happy with your existing coverage, you don’t have to do anything, but it can still benefit you to review your plan and compare it to others in your area.
Medicare Ted explains two simple reasons for using Medicare’s AEP.
1) Coverage and Costs Change Every Year
Every September, you’ll get a document in the mail known as the Annual Notice of Change. This highlights the changes in costs and coverage that will go into effect the following year. For example, you’ll be notified of what the new monthly premium costs will be. As for coverage, you may get notified of changes to your Part D plan’s formulary. In this case, if the cost is too high, you can drop the plan you have, and if your drug plan will no longer cover your medication, you can switch to a different one.
2) You Want Coverage More Closely Tailored to Your Needs
Medicare is full of choices. The Annual Enrollment Period allows you to explore these choices, and you’ll be able to get an idea as to how that coverage will work once it goes into effect. One possibility is switching from Original Medicare to Medicare Advantage. You may choose this because you need coverage for what Original Medicare doesn’t offer, such as dental, vision, or hearing. Instead of having to sign up for a separate insurance plan on top of the Original Medicare plan you already have, you can get a plan that already includes it.
It can also work the other way around — you may decide to switch back to Original Medicare if you were already on Medicare Advantage. This may be ideal for you if you wish to have simpler coverage or you do not want to be confined to a provider network.
Make the Most Out of Annual Enrollment
Medicare Ted is here to bring you all the information and resources you need to find a plan that works for you! If you’re looking to make changes to your coverage, or are curious about what other plans may be right for you, we are one phone call away. Feel free to call us today to learn more.
Thomas M. Brzezinski is one of the founding partners of WMAG William & Michael Advisor Group LLC and Jersey Insurance Solutions. He has been involved in the insurance industry for over ten years and specializes in developing client relationships that last a lifetime.
