Medicare plans automatically renew at the beginning of the year unless you change your coverage. Also get Ready For The Annual Enrollment Period (AEP) and Tips To Prep For AEP.
However, insurance companies introduce Medicare changes or renew their plans every year, so you may not receive the same benefits as your previous plan.
This aspect makes it vital for Medicare beneficiaries to look into their Medicare coverage before their plan renews.
Ideally, it would help if you looked into your Medicare plan during the Medicare Annual Enrollment Period (AEP) to make sure your new plan meets your healthcare needs.
Let us look into the Medicare Annual Enrollment Period, how it affects your Medicare coverage, and how to prepare for your enrollment period.
What Is Medicare Open Enrollment?
With changing healthcare needs and requirements, it’s crucial to look into your current Medicare plan and think ahead. You can make changes to your Medicare coverage during the Medicare Annual Enrollment Period to receive benefits differently.
Medicare Annual Enrollment Period (AEP), previously called the Medicare Open Enrollment period, runs from October 15th to December 7th. During this period, you can change your current Medicare plan if you don’t wish for it to renew.
For example, suppose you have a Medicare Advantage plan and want to access Medicare Part D. In that case, you can change your Medicare annual plan during the enrollment period to access drug prescriptions that will go into effect the following year. Thus, AEP allows you to change or drop out of your Medicare coverage plans.
Let’s suppose you made changes to your Medicare plan last year. But you’re unhappy with your current plan as it does not fulfill your healthcare needs.
In this case, you can either drop out of your current Medicare coverage plan or apply new changes to address previous issues. Thus, the Medicare Annual Enrollment period is a time frame where you can address your Medicare needs to make informed decisions and now get Ready For The Annual Enrollment Period (AEP) and Tips To Prep For AEP for the upcoming year.
What Changes Can I Make During the Medicare Annual Enrollment Period?
Medicare Annual Enrollment Period allows you to make several changes. Here are the following.
- You can switch from the Medicare Advantage plan to the original Medicare.
- You can enroll in a Medicare Advantage plan if you haven’t already done so.
- You can enroll in Medicare Part D (drug coverage).
- You can disenroll from a Medicare plan.
- You can switch from Medicare Advantage to the Original and enroll in the Medicare Supplement plan.
Tips for Preparing for AEP
Exploring Medicare coverage options can be an intricate process right before the limited Annual Enrollment Period. Therefore, you must evaluate certain aspects, such as your current medical needs, to streamline this process.
Here are some tips to prepare for the Medicare Annual Enrollment Period to help make informed decisions and maximize your Medicare benefits for the upcoming year.
- Evaluate Your Health Care Needs
Before making changes to your Medicare plan during the Annual Enrollment Period, assessing your healthcare needs is vital. Considering any new diagnosis, treatment plans, and prescription drugs can significantly impact your Medicare coverage.
For example, under some circumstances, you may need a plan with a broader network of healthcare specialists or a plan with a wider drug coverage. Thus, you must evaluate your current healthcare needs to make changes to your plan during AEP accordingly.
- Review Your Current Plan
During the Medicare Annual Enrollment Period, you must examine your current coverage to assess whether you need to make new changes.
This will allow you to drop out of Medicare plans that no longer serve your needs or add changes to your plan to maximize Medicare benefits.
Necessary changes such as wider drug prescription and a broader network of specialists can help make your future plans address your healthcare needs more closely.
- Understand Upcoming Changes
Before you make changes to your Medicare coverage or drop out of a Medicare plan, you must understand the upcoming changes for the new year. Medicare plans introduce change in costs, coverage, and in-network providers every year.
Therefore, reviewing the Annual Notice of Change can help you evaluate changes that are more fitting for your healthcare needs. Reviewing all the available plans can also help you pick the right coverage for the future.
However, you must look out for your Annual Notice of Change (ANOC), which you may receive by September. This notice will help you understand the critical changes you will experience in your coverage.
It also informs about your premiums, pharmacy network, drug changes, in-network provider changes, and copays.
You should thoroughly review this document before deciding if you want to stick to your plan or introduce changes during the Annual Enrollment Period.
- Compare Medicare Plans
You must consult a Medicare advisor or look into Medicare Plan Finder at Medicare.gov to compare all the available plans in your area. This can help you consider costs, premiums, deductibles, copayments, and coinsurance for the upcoming year.
- Check Drug Coverage
In 2024, Medicare Part D drug coverage has more than 50 million enrollments. Medicare Part D introduces annual changes during the Medicare Annual Enrollment Period.
Prescription drug prices have an increasing average of 31.6% per year. Thus, it becomes essential to compare the prescription drug plans to avoid extreme inflation on your prescription drugs.
The Medicare Annual Enrollment Period is an excellent time to ensure you have drug coverage for the upcoming year.
- Look into the Extra Benefits
Some Medicare plans such as Medicare Advantage offer extra benefits including dental, vision, hearing, and fitness programs. These extra benefits do not come with Original Medicare.
The Annual Enrollment Period is an ideal time to look into these extra benefits to determine whether they suit your healthcare needs in the future.
- Seek Professional Advice
Seeking professional advice is detrimental before December 7th. If you wish to make changes to your Medicare plan during the Annual Enrollment Period, it’s wise to contact a licensed professional to save money, get recommendations, and have a thorough comparison of different Medicare plans.
Licensed professionals can help save time in comparing different premiums and plans. They can also combat the challenges of identifying the right plan for you. Thus consulting a licensed Medicare advisor can provide you with professional advice regarding your specific needs.
Act Within the Enrollment Period With Silveredge
Following these tips can help you make an informed decision regarding your healthcare needs. However, Medicare’s Annual Enrollment Period is limited.
You must act within this enrollment period to make changes to your Medicare plans. Working with a professional can help ensure you receive the right coverage for your needs at the lowest possible cost.
With Silveredge’s licensed professionals, you can compare various Medicare plans, look into the new changes, and seek advice regarding your future medical needs.
Silveredge can effectively resolve all your Medicare queries to ensure that your healthcare needs are met efficiently.
