Believe it or not, Medicare’s Annual Election Period is here again! This is arguably the most important time for all Medicare beneficiaries. In most cases, people are either enrolled in Medicare Advantage or Medicare Part D (and sometimes both), and both of these Medicare plans change every single year. AEP can cause stress and confusion, so we’ve prepared five tips for a successful AEP season!
The Annual Election Period runs from October 15 through December 7. Even though it’s about eight weeks long, that time flies by quickly. Many of us are preparing for the holidays and enjoying what’s left of the warm weather before winter. AEP is here and gone very quickly!
Most Medicare agencies (like ours) start scheduling appointments before October 15. Call your advisor in early September to schedule an appointment during AEP to review your Medicare plans.
By the end of September, your current Medicare Advantage or Medicare Part D plan carriers will have sent you a document called the Annual Notice of Change or ANOC. This document outlines all changes that are being made to your current plans. Changes in premiums, deductibles, cost-sharing amounts, benefits, and provider networks will all be listed.
Review your ANOC to identify any changes that will either positively or negatively impact your coverage. At this point, you’ll know if you want to change your plan for the upcoming year. However, even if you don’t see any negative changes, you should still keep your appointment with your advisor. It’s possible that you’ll find other plans that may suit your needs even better. It’s always worth taking a few minutes to look!
If you’re already working with Local Medicare Specialists, you can cross this one off your list! If not, find an independent insurance agent.
Insurance agents can either be independent or captive. Captive agents are only allowed to work with one insurance carrier. While they may be very good at their job, they won’t be able to compare plans across multiple carriers, and it’s in their best interest to enroll you in one of their plans. Independent agents, on the other hand, can contract with as many insurance companies as they want. They do not have any loyalties to one carrier over the other, so they can compare benefits and rates to find the plan that’s best for you.
Every Medicare plan has a summary of benefits document. Whether you kept your current plan or switched to a new one during AEP, you should read over this document to make sure you completely understand your benefits. You don’t want any unpleasant surprises later in the year.
You should also do this so that you aren’t missing out on benefits. When clients start working with us, we often find they don’t realize they have certain benefits, like free gym memberships or over-the-counter stipends. Take advantage of your plan!
If you changed your plan during AEP, you’ll get a new ID card a few weeks after you make the switch. Be sure to give this new card to all pertinent providers so that your claims will be filed correctly in the new year. If you enrolled in a new Part D plan, give it to your pharmacy. If you enrolled in a new Medicare Advantage plan, you’ll need to show it to all your providers.
Do you have an appointment with your Medicare advisor? Schedule one today! You can use our website to find a local Medicare advisor near you and start shopping for plans right away. Don’t miss your opportunity to find new benefits during the 2024 Annual Election Period.
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We do not offer every plan available in your area. Currently we represent 11 organizations which offer 173 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.