Medicare Annual Enrollment is Here
It’s officially time for the Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7 each year. During this time, beneficiaries have several key opportunities to make changes to their Medicare coverage. Here’s a breakdown of what you can do.
Switch Medicare Advantage Plans: If you’re currently enrolled in a Medicare Advantage (MA) plan (also known as Medicare Part C), you can switch to a different MA plan. This is a chance to explore plans with different coverage options, costs and benefits.
Change Prescription Drug Plans: If you have a standalone Medicare Part D prescription drug plan, you can switch to a different Part D plan. This is particularly useful if you find a plan that better covers your medications or offers lower costs.
Enroll in a Medicare Advantage Plan: If you’re not currently enrolled in a Medicare Advantage plan, you can choose to enroll in one. This could offer additional benefits beyond what Original Medicare provides.
Disenroll from a Medicare Advantage Plan: If you’re currently enrolled in an MA plan and prefer to return to Original Medicare, you can disenroll from your MA plan and switch back. If you do this, you might also want to enroll in a standalone Part D plan if you need prescription drug coverage.
Review and Update Your Coverage: AEP is a good time to review your current coverage to ensure it still meets your needs. This includes looking at your healthcare needs, medications and any changes in your preferred doctors or hospitals.
Get Assistance: If you’re unsure about your options or need help comparing plans, you can contact Medicare or seek assistance from a licensed insurance agent or a local State Health Insurance Assistance Program (SHIP) counselor.
Remember, changes made during the AEP take effect on January 1 of the following year, so it’s crucial to review your options thoroughly before making any decisions.
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