Every year, a special season rolls around, not marked by changing leaves, but by an important decision-making process for millions of Americans. It’s the Medicare Open Enrollment Period, a crucial time for beneficiaries to re-evaluate their healthcare plans and ensure they are getting the best coverage at the most affordable price.
Why Re-shop Your Medicare Plan?
- Healthcare Needs Change: Just like the seasons, our healthcare needs can change over time. What worked for you last year might not be the best fit this year. New health concerns or changes in your current health can mean you need more or different coverage.
- Plans Evolve: Medicare plans are not static; they can change each year. This could mean changes in costs, coverage, or which providers and pharmacies are included. By not reviewing your plan annually, you might miss out on better benefits or lower costs.
- Financial Savings: The Open Enrollment Period is an opportunity to save money. You might find a new plan with lower out-of-pocket costs for doctor visits, prescriptions, and other medical services.
- Avoiding Penalties: If you miss your initial enrollment window, signing up later can result in penalties that stick with you for as long as you have Medicare. Re-shopping during the Open Enrollment Period can help you avoid these extra costs.
- Access to New Options: Each year, new Medicare Advantage and Part D plans might become available in your area. These new options could offer better coverage or more suitable benefits for your current situation.
Why Re-shop Your Medicare Plan?
The Open Enrollment Period runs from October 15th to December 7th each year. This is the time when you can make changes to your Medicare Advantage or Medicare prescription drug coverage for the following year.
How to Make the Most of It?
Call your dedicated team at URL Insurance at 717-323-2000. Each year, we take a close look at your current plan’s coverage and costs. Are you satisfied with your benefits? Are your preferred doctors and medications covered? The Medicare Open Enrollment Period is not just a formality; it’s a significant opportunity to take charge of your healthcare for the coming year. It’s a time to ensure that your Medicare plan aligns with your health needs and financial goals. So, mark your calendars, review your options, and let us help you make the choices that will keep you healthy and financially sound. Remember, this is your health, your plan, your choice. Make it count!
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What is the Medicare AEP and who is it for?
The Medicare Annual Enrollment Period (AEP) is when Medicare beneficiaries can add, change, or drop their Medicare Advantage Plan or Part D Prescription Drug Plan for the next year. If you already enrolled into a plan, typically around the last week of September you will receive an annual notice of change (ANOC) letter explaining how your current plan will change starting in January. This gives you enough information to start shopping and comparing plans.
The Medicare Annual Enrollment Period (AEP) is when Medicare beneficiaries can add, change, or drop their Medicare Advantage Plan or Part D Prescription Drug Plan for the next year. If you already enrolled into a plan, typically around the last week of September you will receive an annual notice of change (ANOC) letter explaining how your current plan will change starting in January. This gives you enough information to start shopping and comparing plans.
Top 5 items to review:
- Cost
- Drug costs/coverage
- Providers/networks
- Out-of-pocket estimate
- Star ratings for quality and customer service
Tip: Part D Prescription Drug coverage costs can be high on some medications. Remember that each state has extra help that you can apply for depending on your financial situation. Some manufacturers also have pharmacy assistance programs or cards that you can apply for. You could also use GoodRx. You should always carry this card with you, even if you only use it during the coverage gap.
If you are enrolled into a Medicare Supplement Insurance Plan, the AEP does not affect you. The private insurance carriers can adjust their rates at any time of the year, and you will be notified by letter. This may not occur every year. You can get a new quote for a less expensive rate at any time of the year, but it will require you to answer health underwriting questions for approval. Tip: If you consider yourself healthy and you’ve been on the same plan for over 7 years, it’s probably time to shop prices.
Most importantly, keep yourself organized by creating a mysocialsecurity.gov and mymedicare.gov account, or by using a paper folder. Having everything in one place makes it easier for an expert to assist you to the best of their ability.
If you’d like help evaluating your options, the team at URL Insurance Group is here to help. We look at your current network of doctors, your medications, and the benefits that are most important to you and find plans that match your needs. Please don’t hesitate to call us at 717-323-2000 and speak to Olivia Adkins or Eric Colello on our Medicare team to help you find the benefits you deserve.
