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Prepare for Medicare AEP

By Ed Crowe | General Articles | 0 comment | 7 August, 2023 | 0

Prepare for Medicare AEP

It may not feel like it now, but summer is almost over. Before you know it, Fall will be here. And, with it the Annual Enrollment Period (AEP) for Medicare and Medicare Advantage insurance plans. Now is the time to prepare for Medicare AEP.

The AEP runs from October 15th through December 7th. This is the time when beneficiaries can choose to re-enroll in their existing plan, switch from Original Medicare to Medicare Advantage, add a Medicare Part D or prescription drug coverage plan. Or opt to stay with Original Medicare and purchase a Medigap policy. Comparing plans can save beneficiaries significant money in premiums as well as make sure that their basic needs for their changing health status are covered. According to a survey conducted by Deft Research, over 44% of seniors shopped around during the Annual Enrollment Period of 2020. Whatever the changes will be, here are five ways you can start getting ready to make informed choices for your healthcare and medical insurance needs:

Read your ANOC

An ANOC is a Plan Annual Notice of Change, and insurance carriers are required to send them out to their beneficiaries each year. Its purpose is to inform members of a plan as to what changes will be coming to that plan in the following year. Some possible changes might be raising the premium, your healthcare team no longer being in-network, or adding or discontinuing extras like dental or vision. There have even been cases when an insurance plan was completely gotten rid of, and those beneficiaries had to choose a new one regardless of whether they had planned to switch. The ANOC will have all the information you need to know about what will be different next year. Begin preparing for Medicare AEP by understanding what you currently have.

Stay aware of the timeline

The timeline for Annual Enrollment goes like this: on October 1st, new plans are released. This gives people time to peruse and compare before the enrollment starts on October 15th. December 7th is the deadline for making a choice in coverage. The more research you do, the more informed you’ll be.

Work with a broker to Prepare for Medicare AEP

Brokers work with multiple insurance companies. They are uniquely suited to help you compare and contrast the ins and outs of plans. Doing this process with a broker may help you save significant time on research. They are in the business of knowing all the details you would be looking for. A reputable broker is a must to prepare for Medicare AEP.

Make a list of your important questions

You have to know what you need and want in a healthcare plan before making a choice – otherwise you may end up with a plan that doesn’t suit your needs at all. Some questions to ask might be: Is my doctor in-network? Is this prescription that I need to take covered? Will there be vision and dental coverage or is that extra? Make note of this when preparing for Medicare AEP.

Review the logistics of enrollment

There are several options for enrolling in a new plan: you can meet with an insurance representative face to face, fill in and mail all the paperwork yourself, or enroll directly with a broker who will walk you through the process. And, although it’s normal to be hesitant to make any big changes in healthcare coverage, remember that, whichever plan you choose, it’s only for the next twelve months. Annual Enrollment Period will be back next year.