Are You Ready for Annual Enrollment Period?

Are You Ready for Annual Enrollment Period?

As the end of summer nears, the cooler temperatures and changing leaves of fall can still seem pretty far off. Time flies when you are having fun and October will be here before you know it, bringing Medicare’s Annual Enrollment Period along with it. The Annual Enrollment Period (AEP), which begins on October 15th and ends December 7th, is the time of year when you can make changes to your Medicare health insurance coverage.

Medicare Options During AEP

During AEP, you will have the opportunity to choose a Medicare plan that is right for you. You can switch from Original Medicare to a Medicare Advantage (MA) Plan, switch from one Medicare Advantage Plan (with or without prescription drug coverage) to another Medicare Advantage Plan (with or without prescription drug coverage), from one Prescription Drug Plan (PDP) to another, or from a Medicare Advantage Plan back to Original Medicare. In order to take advantage of this opportunity, you may want to take the time now to prepare.

Plan Ahead

Start by reviewing your current Medicare coverage. In the next month, you will be receiving your current plan’s Summary of Benefits for next year, but in the meantime, go over all of the medical expenses you have paid over the past year, including copayments, coinsurance, deductibles, and prescription drug costs. If your out-of-pocket costs did not fit comfortably within your budget, you may want to consider your other options during AEP.

Consider Any Changes

Consider any health changes you faced this past year. If illness or injury created a need for new prescription drugs, services, or supplies, or if you found yourself making more visits to your physician’s office or faced unexpected hospital stays, you may find that the insurance coverage you chose last year no longer fits your needs.

Compare Plans

The good news is that when AEP arrives, you will be able to research and compare plans available in your area, and find the Medicare insurance plan that will best meet your needs. There are online comparison tools that allow you to easily view Medicare plans side by side, giving you the detailed information you need to make the best decision for you and your family. Visit after October 15th to see the plans available during the upcoming enrollment period. Although Medicare is individual insurance, your choices can ultimately affect your family, so take some time now to talk to your loved ones and discuss your goals and concerns. Your Medicare insurance coverage should provide you with affordable benefits that meet your personal needs and preferences.

Related Information:

Is Your Prescription Covered?
Try On Medicare Plans - One Size Does Not Fit All
The Road To AEP - Mapping Out Your Journey