The Medicare Annual Election Period, often called the Annual Enrollment Period (AEP), occurs from October 15th through December 7th. Taking advantage of it will ensure that you have your best possible Medicare coverage.
But how do you know what changes to make during the AEP? A great place to start is knowing your options. And, once you do, you can discuss them with the experts at Rothrock Insurance Solutions.
Change #1: Enroll in Medicare Advantage or Part D
Let’s say that when you enrolled in Medicare for the first time, you just signed up for Original Medicare (Part A and Part B). While that option may have worked fine for you at first, you now realize that you’re missing out on additional coverage that meets more of your needs.
Medicare Advantage (Part C) provides the same coverage as Original Medicare, but you may also receive some additional benefits. Part D covers prescription drugs and provides vital coverage for roughly 48 million Medicare beneficiaries.
Do some research and take a moment to look at your own healthcare history. If you decide that it’s time to enroll in one of them, you can do so during the AEP.
Change #2: Unenroll in Medicare Advantage or Part D
Perhaps you’re on the other end of the spectrum and have decided that Medicare Advantage or Part D is no longer right for you. Maybe your circumstances have changed, your health has improved, and you no longer need the same high amount of prescriptions. Or, perhaps you overestimated your coverage needs.
Whatever your situation, you can drop your Medicare Advantage and/or Part D plan during the AEP.
Change #3: Switch to an Advantage Plan with Prescription Coverage
The most common Medicare Advantage plans (HMOs and PPOs) may include Part D in their coverage. However, not all of them do. If your current Medicare Advantage plan doesn’t have Part D, you can use the AEP to switch to a plan that does. Or, if you don’t need Part D and it’s included in your Advantage plan, you can switch to one without it.
Change #4: Change Medicare Advantage or Part D Providers
Even if you are happy with your current coverage, you should explore other options in your area. Why? The grass may be greener—you may be able to find identical coverage at a better price. You may even find a plan you didn’t realize would benefit you more than your current one.
No matter what, always take the time to shop around for coverage during the AEP to ensure you have your best Medicare coverage.
Make Informed Changes to Your Coverage with Rothrock Insurance Solutions
Rothrock Insurance Solutions makes navigating the Medicare AEP easy. Choose your Medicare plan with expert advice on your side. Call us today for more information about the Annual Election Period and how you can make use of it!
