Upcoming Medicare Annual Enrollment Period: Part 1

The upcoming Medicare Annual Election Period is still about three months away, so don’t panic. How will you know it is getting closer? You will see more commercials featuring Joe Namath and Jimmie Walker. They will describe Medicare benefits that may be available to you. In a later part of this series, I will explain why these commercials may not be what they seem.

If you are unsure how AEP differs from other opportunities to change coverage, review our complete guide to Medicare enrollment periods and plan changes.

What You Can Do During the Annual Election Period (AEP)

• During the Annual Election Period, you can leave Original Medicare and enroll in a Medicare Advantage plan.
• You can leave a Medicare Advantage plan, return to Original Medicare, and enroll in a stand-alone Part D prescription drug plan.
• You can switch from one stand-alone Part D prescription drug plan to another.
• You can switch from one Medicare Advantage plan to another.

For a full list of what you can do during the different enrollment periods check out our article here.

Your Window of Opportunity to Make a Change

Your opportunity to change coverage follows Medicare’s fixed Annual Election Period dates. You can make any of the changes above from October 15 through December 7. What if you wait until December 12 to change your stand-alone Part D plan? If your plan will no longer cover a prescription, you may have to remain in that plan for another year.

How do you know if there are going to be changes to your existing plan?

To learn whether your existing plan will change, review its Annual Notice of Change (ANOC). Medicare requires Advantage and Part D carriers to send this packet to every policyholder each year. Carriers must mail the ANOC packet by September 30.

We often hear about people throwing these packets away or leaving them unopened. Don’t do this! The packet contains a lot of information, but its first page usually summarizes the major changes. Read it before October 15. This gives you time to contact your agent and schedule a review. Together, you can discuss any updates you may need to make during the Medicare Annual Election Period. 

Start Preparing Now

You can begin preparing for the Medicare Annual Election Period even when it is three months away.

1. Make a complete list of your current medications. Include each prescription’s full name, dosage, quantity, and strength.
2. Note any prescription that your doctor says may change in the future.
3. Have this list with you when you meet with your agent during the Annual Enrollment PeriodIn Part 2 we will discuss what you should do if you have a Medicare Advantage plan or a Medicare Supplement plan during the Medicare Annual Enrollment Period.   As promised we will also dive a bit into the commercials, we all see and how they can be a bit misleading.
   

   What if I have questions now?

   
   

   If you have questions now and already work with Senior Benefit Services, please contact your personal agent immediately.  If you are not a current client but want personalized attention, call (800) 924-4727 or click here and one of our friendly staff members will connect you with your own personal advisor.