What does the Annual Election Period (AEP) mean for those already enrolled in Medicare?
Medicare’s Annual Election Period runs from October 15 to December 7.
Around this time, there is usually a sharp increase in television and mail advertising about Medicare options directed at Medicare beneficiaries. This causes many people to question if any action needs to be taken.
The Centers for Medicare/Medicaid (CMS) provides this annual enrollment period to all Medicare eligible beneficiaries as an opportunity to review and/or change your Part D Prescription Drug Plans or Medicare Advantage Plans for the coming year. This could be with our without a prescription drug plan. This is a perfect time to review your current and future needs and to determine if your current plan can continue to meet those needs.
A free and detailed plan review with a licensed insurance agent can be beneficial this time of year.
It allows you to compare plans in your area, learn about updates or changes in the industry that may affect Medicare coverage, both positive or negative, and to ensure you have the knowledge and understanding to make choices that work best for you, and your situation. A licensed agent should be dedicated to serving you, whether you choose to continue with your current plan or make a change.
Be prepared for the coming year.
Provide your agent with your updates – providers, medications, pharmacies, potential relocation, etc., and let them research options and provide guidance around available solutions. If you don’t have or use an agent, call Lori Good at Beck Insurance Agency in Archbold or Whitehouse, Ohio.
