Medicare’s Annual Enrollment Period
(AEP) is Almost Here

Everything you need to know about AEP and the options that are available

We’re nearing the end of the year, and that means that the Annual Enrollment Period for Medicare plans is almost upon us. This is the only time of year (outside of initial enrollment) that customers can sign up or change their Medicare Advantage or Part D prescription plans.

While anyone who is satisfied with their plan(s) won’t need to do a thing, for many others, this is one of the most important times of year to take another look at the rates that are available. In many cases, the plan that you’re currently on might not be the best one for you.

Fortunately, comparing rates is as easy as calling up your Personal Benefits Manager.

What are the Dates for AEP?

Medicare’s Annual Enrollment Period in 2019 will begin on October 15th and runs through December 7th. The plan rates for the upcoming year will not be available until October 1st.

Do I Need to do Anything for AEP?

Chances are, you’ve been hearing or seeing a lot of ads for the upcoming enrollment period. These ads are designed to make the situation sound more urgent than it perhaps it.

The question of whether or not you need to do anything during AEP depends on your needs. If you are currently enrolled in a Medicare Supplement, Medicare Advantage, or Part D plan, then you don’t need to do anything at all. That is, unless, you think it might be time to change things up. After all, how long has it been since you’ve reconsidered your plan? Are your rates really the best ones that you can get?

Medicare Advantage Plans: A Quick Overview

The Annual Enrollment Period is the only time of the year that you are guaranteed the right to purchase a Medicare Advantage Plan. However, AEP isn’t going to get you very far if you aren’t sure exactly what MA plans are all about.

To put it simply, Medicare Advantage plans allow consumers to access Medicare benefits via a private insurance company. The immediate upside is that MA plans can limit your out of pocket costs. However, unlike a Medicare supplement plan, MA plans limit you to a restricted pool of doctors and hospitals.

If you are happy with your Medicare supplement plan, then sit back and relax; there is no need to do anything during AEP. However, if you have questions about switching or need help understanding the ins and outs of MA plans, our team is here to help.

Why Reviewing Your Part D Plan Periodically is a Good Idea

If you are happy with your Part D plan and don’t use a lot of prescriptions, the easiest thing to do is just keep what you’ve got for another year.

But because the prescription formularies for Part D can change from one year to the next, the same prescription medications might actually go down in price, meaning that you could be paying too much for your plan.

Add Part D Coverage if You Don’t Have it

Don’t have a Part D prescription plan in place? The Annual Enrollment is the only time that you can add this coverage. Not everyone is qualified to partake in a special enrollment period, so if you miss it this time around you will likely have to wait until next year.

Review Your Overall Protection Plan

Whether or not you actually need to pay attention to AEP, it serves as an effective reminder that it might be time to review your overall protection plan with your Personal Benefits Manager. Beyond Medicare Advantage or Part D, there are a number of other things that they would be happy to help you with:

• Dental plans that are (not covered by Medicare)
• Long term care insurance (also not covered by Medicare)
• Life insurance or final expense coverage
• Your retirement income plans

Staying Informed Means Saving Money

Our ongoing goal is to make sure that our clients have access to the best information possible regarding their health coverage. Keeping yourself informed is the most effective way to keep more of those pennies in your pocket, as opposed to throwing them at unwanted or overpriced coverage.

Sharing this valuable information is only the first step of the game. Step two means getting on the phone with your Personal Benefits Manager to see if switching to another plan or adding Part D coverage is a good idea.

It could be a far more valuable phone call than you might realize.

To your health and wealth,

Wiley P. Long, III
President – MediGap Advisors