What Important Changes Can I Make During AEP?
The Medicare Annual Enrollment Period (AEP) gives you a chance to get the coverage that works best for you. This enrollment period lasts from October 15 to December 7, and it’s important to make use of this while you can.
Why Make Changes?
All Medicare plans are subject to change from year to year. Every September, you’ll receive an Annual Notice of Change document that provides details on what changes your plan will make the following year.
Such changes include premium, deductible, copayment, and coinsurance costs, as well as your plan’s coverage.
What Are My Options?
The AEP presents you with many choices. It allows you to join, switch, or drop Medicare plans. If you have Original Medicare, that entails joining Medicare Advantage.
If you have Medicare Advantage, you could drop your Medicare Advantage plan and stay with Original Medicare. You also have the option to switch from one Medicare Advantage plan to another.
For Medicare Part D, you can add it to the Original Medicare coverage you already have. You may also choose to drop it if you are joining a Medicare Advantage plan that already includes drug coverage, switch to a different Part D plan, or drop your Medicare drug coverage altogether.
How Do These Changes Affect Me?
The changes you make during the AEP take effect on January 1 of the following year.
If switching from Original Medicare to Medicare Advantage, you will have:
Coverage within a network area
Inpatient and outpatient coverage bundled within the same plan, and possibly prescription coverage depending on the specific plan you get
Additional coverage that Original Medicare doesn’t offer, such as dental, vision, and hearing services
For switching from Medicare Advantage back to Original Medicare:
Your coverage will be nationwide
You may be able to enroll in a Medicare Supplement plan
In the case of changing from one Medicare Advantage plan to another:
You can switch to one that offers drug coverage
You can opt for a plan that has a zero-cost premium
You may get coverage for seeing physicians who were not in your previous plan
If adding Part D:
You’ll have coverage for medications that you didn’t have before
For switching Part D, you will have:
Coverage for medications that were previously not included in your current plan’s formulary
Make The Right Change Today!
At Innovative Senior Benefits, we are here to make sure you get the Medicare plan you are truly satisfied with. We can help you get a plan that not only fits your medical needs but your financial needs as well. The result will be the best coverage for you at the lowest price! Call today at 203-217-3366 to learn more!