Available Assistance:
The Medicare Annual Election Period (AEP), also known as the Medicare Fall Open Enrollment Period is approaching. For the purpose of this article we will use the official term of “Annual Election Period” so as not to confuse it with the Medicare Advantage Open Enrollment Period (MA OPE) that runs between January and March of every year, which is a different enrollment period. During the months of September and December, many seniors are bombarded with advertisements, mailers and calls about many different Medicare Advantage plans. Aside from all the advertising, understanding one’s current plan and possible changes is confusing enough.
Knowing where one can find reliable and trusted assistance to help them navigate this time period is critical. There are various resources available.
One can go to the official Medicare website, https://www.medicare.gov and view all the plans available in their area. While the Medicare website does show every plan available, it can be a daunting task to try to compare the dozens of different carriers and plans available. For example, in Kings county alone, there are over fifty Medicare Advantage plans to choose from. Understanding and comparing the pros and cons of each plan can be very overwhelming and time consuming and to call each carrier for more information can be an enormous task and very confusing.
Alternatively, working with an independent agent is a great way of getting help with your Medicare coverage and understanding the many different options available. Many independent agents represent a number of different insurance carriers, giving you a variety of plans and carriers to select from. A skilled and trusted agent will do a thorough analysis of your medical needs and budget as well as review all your doctors and medications to make sure all preferred providers are in network with the plans available to you and that all your medications will be covered. There are no additional charges or fees when working with an agent. Agents are paid a commission by the insurance carrier when they help you select a plan. Any rates that are quoted are the same as the carrier and the carriers all pay the same commission for all Part C and Part D plans, so there’s no incentive to try to steer a client into one plan over the other. Regardless of the premium amount, the commissions are all equal.
In addition, there are non-profit organizations like Medicare Rights, https://www.medicarerights.org/ and the New York State Health Insurance Assistance Program, https://www.shiphelp.org/ as well as various local community organizations that can be a helpful resource to one’s Medicare questions and options.
Background Basics:
The Annual Election Period is an annual opportunity to modify your Medicare coverage, ensuring it aligns with your evolving healthcare needs. The Medicare Annual Election Period runs from October 15th to December 7th of each year. This window allows you to review your existing plan, make changes, and have those changes take effect on January 1st, 2024. Medicare beneficiaries should take advantage of the Annual Election Period. If you have a Medicare Advantage Plan or a Part D plan, you should receive an Annual Notice of Change (ANOC) and/or Evidence of Coverage (EOC) from your plan. Review these notices for any changes in the plan’s costs, benefits, and/or rules for the upcoming year
Choosing Changes:
During the Annual Election Period, you can make changes to various parts of your Medicare coverage, including:
Original Medicare Vs. Medicare Advantage: You can switch between Original Medicare and Medicare Advantage coverage. If one is in a Medicare Advantage plan and wants to have Original Medicare (Parts A and B) as their primary insurance, and obtain a Medicare supplement and stand alone Part D drug plan, this is the time to do so. Or vice versa.
Medicare Advantage (Part C): You can switch between different Medicare Advantage plans. Prescription Drug Coverage (Part D): You can switch or enroll in a new Medicare Prescription Drug Plan.
Medicare Supplement/Medigap: One can make changes to their Medicare supplement plan at any time during the year. If one wants to switch from a Plan F to a Plan G for example, they don’t need to do so only during the Medicare Annual Election Period. They can do so at any time during the year.
Deny Disaster:
It’s essential to be cautious of unsolicited calls during this period. Scammers may attempt to change your Medicare plan or steal your personal information. Remember that Medicare or Social Security representatives will never call you unsolicited to ask for personal information or payment. Individual insurance carriers as well will reach out aggressively and try to sell you on their respective plan. Although it’s no scam when it’s the actual insurance company calling, avoid falling for their hard sales tactics. An individual carrier is just that, an individual carrier. Don’t select a plan without first comparing to the other carriers and plans available in your area and without first confirming that all your preferred providers are in network with the plan and all your medications will be covered. For accurate and reliable information about the Medicare Annual Election Period and plans available, turn to trusted sources like the official Medicare website (medicare.gov) or a trusted independent agent, or a community referral source or organization that can help you navigate your options and make informed decisions.
Effortless Enjoyment:
The Annual Election Period is a golden opportunity to take control of your healthcare coverage. By understanding the process, staying vigilant against scams, seeking reliable information, and reaching out for assistance, you can make informed decisions that suit your unique needs and preferences. Remember, your healthcare choices are personal, so take the time to make the right ones for you so that you can feel confident and happy with your respective Medicare coverage in 2024.
