Start Preparing for Medicare AEP Now

Summer has flown by, and fall will arrive before we know it. In the insurance world, we know that means a couple of major events, including the Medicare Annual Election Period. Medicare AEP will begin in just two months, so you should start preparing now. Knowledge is power, and will help you make the most beneficial decision about your Medicare plan.

Gather your Medicare statements, receipts, and any other information about the past year’s expenses. Reviewing your out-of-pocket expenses will help you to determine how well your plan served you. Arming yourself with this information can help you compare other plans to see how one might better benefit your budget.

Make a list of your favorite doctors, specialists, and facilities. If you decide to compare Medicare Advantage plans, which run through a network of providers, having this information on hand will help you to check whether your favorite ones will be covered by a plan.

Make a list of your current medications. You will need this information to investigate the formularies (list of covered drugs) within Part D or Advantage plans. Write down the prices you’ve been paying; you might be able to locate a better deal on another plan.

Look for your Annual Notice of Change (ANOC) in the mail. Your plan provider will update you on any upcoming changes to your plan, so that you can decide whether it still works for you. If you don’t choose a new plan during AEP, you will be automatically re-enrolled in your current one.

Contact a Medicare plan specialist. An insurance broker who specializes in Medicare can help you compare the different plans available in your geographical area. Give us a call as the Annual Election Period approaches, and we can help you begin your comparison shopping.

And of course, remember that Medicare AEP begins October 15 and lasts through December 7. Mark these dates on your calendar so that you don’t forget to compare and choose a plan for next year.