Medicare AEP Starts October 15
As summer winds down, we in the insurane industry are getting ready for Medicare’s Annual Election Period beginning October 15. And you should too! This is your chance to make decisions about your Medicare plan that will affect your coverage and budget for the next year.
During Medicare AEP, you can do the following things to adjust your coverage and potentially help your budget:
- Review your current plan and out-of-pocket expenses over the past year
- Compare your Medicare plan to other options available to you, to see if a different plan might suit you better
- Switch from Original Medicare to a Medicare Advantage plan, depending upon which plans are availble in your area
- Change from one Medicare Advantage to a different Medicare Advantage plan
- Drop Medicare Advantage and go back to Original Medicare
- Add a Medicare Part D (prescription drug) plan to your Original Medicare
Medicare AEP begins October 15 and runs through December 7, but it’s a good idea to get started early. That way you have time to fully investigate all of the options available to you. If you don’t make any changes at this time, you will be automatically re-enrolled into your current plan. While that might seem acceptable if you haven’t experienced significant problems with your current plan, remember that an even better option might be available to you. It always make sense to compare all of the plans on the market before making a decision.
Changes that you make to your plan will begin on January 1 and last for the entire year of 2023, assuming you don’t make other changes during the year. You will have a limited ability to make changes once you’re enrolled in a plan for the year, so it’s important to do your research now and feel confident about your Medicare plan. Give us a call and one of our Medicare specialists can help you compare your options.