The Medicare Annual Enrollment Period (AEP) is a time in which you can make any necessary changes to your Medicare plan. While optional, it is strongly encouraged that you thoroughly review your options and current coverage during this period to determine if you should make changes or not.
When Is The AEP?
The Medicare AEP begins on October 15 and ends on December 7 each year. You can only make use of this enrollment period if you already have Medicare.
What Can I Do?
The AEP allows you to make changes such as:
Dropping your Original Medicare plan and joining Medicare Advantage
Dropping Medicare Advantage and joining Original Medicare
Switching from one Medicare Advantage plan to another
Switching from one Part D plan to another
Dropping Part D and joining a Medicare Advantage plan that offers drug coverage
You’re given an opportunity to explore what Medicare has to offer. In the case of Medicare Advantage and Part D, the individual costs and benefits of each plan vary, and by utilizing the AEP, you can find the plan that’s most appropriate for you.
What Can Help With Deciding?
There are a few key documents that may influence your decision to use the AEP:
Medicare Summary Notice
Evidence of Coverage
Annual Notice of Change
If you have Original Medicare, you’ll receive quarterly MSN statements, which give you a breakdown of the services you got and what Medicare paid for them.
The Evidence of Coverage arrives every September and provides insights as to what your plan covers.
The Annual Notice of Change also arrives in September. This outlines the changes in your plan that will take effect on January 1 of the following year. Changes include costs and the coverage it offers. If you have Medicare Advantage, healthcare providers in your area may leave your plan’s network while others join. Or if you have Part D, your plan may change its formulary,
Why Make Changes?
If switching from Original Medicare to Medicare Advantage, you may join because you prefer to stay within a network or would like coverage for dental, vision, and hearing. You can also get a plan that functions the way you want it to. If you’d like discounts for specific physicians, you may opt to join a Preferred Provider Organization (PPO) plan. Or you may be interested in a Medicare Savings Account (MSA) that will deposit funds into your account to give you further aid in paying Medicare-related costs.
Today Is Your Chance
Innovate Senior Benefits is here to help you make the most out of the Medicare AEP. We will assist you by giving you a look at all the policies that are most appropriate for your needs and preferences. With our help, you will be able to obtain a Medicare plan that is closely tailored to you – all at a minimal cost. Call us today at 203-217-3366.
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