The Medicare Annual Election Period (AEP) is just around the corner, starting on October 15th and running through December 7th. This crucial time allows Medicare beneficiaries to review their existing healthcare coverage, make necessary adjustments, and ensure they have the best plan in place for the upcoming year. Let’s take a closer look at the changes you can make during this period.
1. Enroll in a Medicare Advantage (Part C) Plans
During the Annual Election Period, you have the opportunity to enroll in a Medicare Advantage plan, also known as Medicare Part C. These plans offer an all-in-one package, often combining coverage from both Medicare Part A and Part B, as well as potentially including additional benefits like dental, vision, and prescription drug coverage (Part D).
2. Switch Between Medicare Advantage Plans
If you’re already enrolled in a Medicare Advantage plan but are considering a change, the AEP is the time to do so. You can switch to a different Medicare Advantage plan that better fits your healthcare needs and preferences, such as your network of covered providers or a different formulary for prescription drug coverage.
3. Enrollment in Prescription Drug Plans (Part D)
The AEP allows you to enroll in a standalone Medicare Prescription Drug Plan (Part D) if you’re not already covered. These plans provide coverage for prescription medications and can be crucial in managing your healthcare costs. If you’re enrolled in Original Medicare, or in an Advantage plan that does not offer Part D coverage, you might consider adding one of these plans at this time.
4. Change or Drop Your Prescription Drug Plan
If you’re already enrolled in a Part D plan but find that it no longer meets your needs, or if you want to change to a different plan, the Annual Election Period allows for this adjustment.
5. Return to Original Medicare
If you’re currently enrolled in a Medicare Advantage plan and wish to go back to Original Medicare (Part A and Part B), you can do so during the Annual Election Period. Additionally, this is the time to sign up for a Medicare Supplement Insurance (Medigap) plan to help cover costs that Original Medicare doesn’t.
The Medicare Annual Election Period is a vital time for Medicare beneficiaries to assess their healthcare needs and make any necessary adjustments to their coverage. Be sure to mark your calendar for October 15th through December 7th, and take advantage of this opportunity to ensure you have the best Medicare plan to meet your unique health and financial needs in the coming year. If you need assistance or have questions about Medicare enrollment, call us to speak with one of our experienced insurance brokers. Help with your Medicare plan is always free, so take advantage of the opportunity to seek professional guidance.