The Election Is Over? Not Yet!

The Election Is Over? Not Yet!

Even thought the votes are counted and the results are in after our national election, Medicare beneficiaries know that another election is still going on. Medicare’s Annual Election Period (or Annual Enrollment Period) extends from October 15 through December 7, so you still have plenty of time to review your coverage options and make the decision that is best for you.

Medicare’s AEP is the time for beneficiaries to make any changes to their coverage.
You may choose to enroll in a Medicare Advantage plan, which is a plan offered by a private insurance company. MA plans must offer at least the same benefits that Original Medicare offers, but many offer additional benefits, such as vision, dental, or hearing exams, among many others. Some MA plans also include prescription drug coverage, and are known as MA-PD’s. These MA-PD plans may help cover the cost of overwhelming expenses from prescription medications that are not covered under Part A and Part B of Original Medicare.

If you are content with your Original Medicare benefits, but feel the need to supplement your insurance to cover the costs that Original Medicare does not, you may choose to purchase a Medigap policy. Also, referred to as a Medicare Supplement plan, these policies may help cover the costs of copayments, coinsurance, and deductibles. You may also consider adding a stand-alone Prescription Drug Plan to your Original Medicare and Medigap insurance, to help cover the costs of the medications you need. Any choices you make during the Annual Election Period will become effective January 1.

With so many options, it may feel like you are weighing as many measures, candidates, and propositions that you found on November 6th’s ballot. The good news is that researching your Medicare options can be as easy as turning on your computer. There are Medicare coverage comparison sites, such as Joppel.com, that will make your research easier than ever. You may compare the options available to you based on your own needs and preferences, including the amount you’d be comfortable paying for copayments and deductibles.

It is important to compare Prescription Drug Plans (PDPs) to make sure that the one you choose covers the medications you require. Joppel allows you to search the formulary (list of covered drugs) of a prescription drug plan before you make the choice to enroll.

Now is the time to review your options, narrow down your choices, and find the coverage that is right for you.

Medicare has neither reviewed nor endorsed this information.