The Annual Enrollment Period (AEP) is the period between October 7 and December 15, when existing Medicare beneficiaries have the opportunity to review their current Medicare plans and make changes if necessary.
It’s tempting, if you’ve been with your current Medicare plan for a while, to let the AEP slip by without notice and let your plan renew with no work on your part, but in order to have the best health care possible, staying up-to-date with your policy, and making changes to tailor it to your current needs, is crucial.
So What Does That Mean for You?
To start, you should review your current Medicare plan. Do you have a Medicare Advantage Plan? Does it have prescription drug coverage included? Maybe you have a few new prescriptions over the past year, and the out-of-pocket costs are emptying the bank a little faster than you’d like. Or maybe you’ve had Original Medicare with a Part D plan since your initial enrollment, but the fees are catching up to you. Now would be a good time to assess the pros and cons of adding or subtracting policies.
Check Out New Changes
While you’re doing that, take the time to check out any new changes that your insurance company will implement at the end of the year. Even if you are perfectly happy with your current plan, it’s important to stay in the know so that you aren’t caught off guard come January by changes you would have known about if you’d been paying attention.
Review Your Health Care Expenses
Review your health care expenses from the past year. Do you find yourself suddenly needing glasses? Or are your teeth not as strong as they once were? Write it down so that you know to look for a policy that includes dental and vision. If you have prescription meds, look up what plans cover your specific brands and dosages. You don’t want to add a prescription drug plan, only to find out that they don’t pay for the prescriptions you need.
More than anything, don’t put it off. No one likes to deal with insurance, but we all need it. Don’t put it all to the last second. The AEP provides you with ample time to do a thorough overview of your Medicare plan. If you wait until December 14 to make changes, you might miss out on better health care coverage.
Mark it on your calendar, and get ready to put in the work!
Learn More About AEP Today!
Navigating the AEP can be hard, but we can make it much easier. Give us a call today to learn more about the Annual Enrollment Period and what you can do!