As we approach the Medicare Annual Election Period (AEP), it’s crucial to stay informed about the options and changes that can impact your healthcare. Every year, the Medicare landscape evolves, and the Annual Election Period is your opportunity to make sure your Medicare Advantage (Part C) plan and your Medicare Prescription Drug ( Part D) plan continues to meet your health and financial needs.

In this blog, we’ll cover five key points that every Medicare Advantage customer needs to know about the AEP, and how our agency can help ensure you have the right plan for your needs.

1. What Is the Medicare Annual Election Period?

The Medicare Annual Election Period occurs every year from October 15 to December 7. During this time, individuals enrolled in Medicare Advantage plans can review their current coverage and make changes for the upcoming year.

You may choose to:

• Switch from one Medicare Advantage plan to another.
• Change from a Medicare Advantage plan back to Original Medicare (Parts A and B).
• Enroll in a new Medicare Advantage or Medicare Prescription Drug (Part D) plan.
• Make changes to your Medicare Part D prescription drug plan.

This window is vital because the choices you make will be locked in for the entire upcoming year unless you qualify for a Special Enrollment Period due to specific circumstances like moving out of your plan’s service area.

2. Why You Shouldn’t Let Your Plan Automatically Renew

It might be tempting to let your plan auto-renew, but this can be a costly mistake. Insurance companies can change your plan’s premiums, benefits, and networks from year to year. What worked for you last year might not be the best option for next year.

Some of the most common changes include:

• Premiums and out-of-pocket costs: These might increase without you realizing it.
• Formulary updates: Prescription drugs covered by your plan may change, which could result in higher costs for your medications.
• Provider network changes: Doctors and specialists that are part of your plan’s network may no longer be covered, limiting your access to preferred healthcare providers.

It’s important to review your plan thoroughly during the AEP to avoid surprises in the next year.

3. How to Review and Compare Plans

When reviewing your Medicare Advantage plan options, it’s essential to look beyond the premium costs. There are several factors you should compare:

• Coverage of your specific healthcare needs: Does the plan cover your regular treatments, doctors, and specialists?
• Prescription drug coverage: How does the plan cover your current medications? Will your co-pays or out-of-pocket maximums change?
• Additional benefits: Some Medicare Advantage plans offer benefits beyond what Original Medicare covers, such as dental, vision, hearing aids, or even wellness programs. Make sure these benefits align with what you need.
• Out-of-pocket maximums: Understand how much you could pay out of pocket, especially if you have an unexpected health event.

With so many moving parts, the decision can feel overwhelming. This is where we come in—our team will help you navigate the process and make an informed decision that fits your healthcare and financial needs.

4. Don’t Overlook Prescription Drug Plans

Even if you’re satisfied with your Medicare Advantage plan, you should still evaluate your Medicare Part D prescription drug coverage annually. The medications covered and the tiers they fall under can change, impacting your costs. Formularies (the list of covered drugs) vary between plans, and a drug you take regularly might no longer be fully covered under your current plan. Your pharmacy may also change to a non-preferred status or preferred status.

Medicare Part D plans are often overlooked during the AEP, but keeping your drug coverage updated could save you hundreds of dollars in out-of-pocket costs. Reviewing this annually is essential for managing your healthcare expenses effectively.

5. Why You Should Meet with an Agent

Medicare Advantage plans are highly customized, which means that your neighbor’s or friend’s plan might not work for you. Your health conditions, prescription needs, preferred doctors, and even travel habits can all affect the best plan choice for you.

Meeting with a licensed Medicare expert from our agency allows you to:

• Understand your options based on your personal health and financial situation.
• Get help in navigating the details of your plan, from co-pays to provider networks.
• Ensure that your plan covers your preferred doctors and prescriptions.
• Review any new options or plan upgrades that could better meet your needs.

We know that healthcare is one of the most important decisions you can make, and we’re here to ensure you don’t have to face it alone.

Schedule Your Plan Review Today

The Medicare Annual Enrollment Period is only a short window each year, and it’s critical to make sure you’re covered with the best plan for your needs. At our agency, we provide personalized Medicare Advantage plan reviews, ensuring you get the coverage you deserve. We’ll walk you through the process step by step, ensuring you avoid costly mistakes and get the benefits that matter most.

Don’t wait until it’s too late! Contact us today to schedule your annual plan review and make the most of your Medicare Advantage options before the December 7 deadline.

Let us take the stress out of Medicare—so you can focus on what matters most: your health.

Bancorp’s insurance agents are available to provide you with a free review and consultation.  Contact Us – Bancorp Insurance Call 800-452-6826