AEP offers the opportunity for Medicare enrollees to review and make changes to their health and prescription drug coverage for the upcoming year. Those changes take effect on January 1st of next year.
Two reasons why you might want to take advantage of this opportunity.
#1 Plan Changes & Discontinuations
Several Medicare Advantage and Part D plans are set to undergo changes or be discontinued in the upcoming year. If you don’t take any action, there is a possibility that you will be automatically enrolled in Original Medicare (Part A & B) or be assigned to a different prescription plan. This automatic enrollment might not necessarily align with your specific healthcare and prescription drug preferences.
#2 Benefit Adjustments
It’s crucial to review your coverage every year, even if you are currently satisfied with your plan. Medicare plans frequently update their benefits, which can involve increasing co-pays, changing cost-sharing structures, adding new benefits, or eliminating existing ones. Reviewing your plan helps you understand what your healthcare costs will be in the following year, and it allows you to confirm that your doctors are still in-network, your medications remain on the formulary, and you are aware of the costs associated with filling prescriptions at your preferred pharmacy.
So, how can you best prepare for the upcoming Annual Enrollment Period?
- Start by locating the Annual Notice of Change (ANOC) that your current plan sent you in September. Review it carefully to understand what changes are on the horizon for the next year.
- Create a comprehensive list of your doctors and medications. This step is crucial to have a clear understanding of your healthcare needs and ensure that your chosen plan adequately covers your medical requirements.
If you find the process daunting or need expert guidance, consider seeking assistance from a certified broker who specializes in helping Medicare enrollees. Our Healthwhiz Solutions team is certified and appointed with both national and regional carriers to provide expert assistance in navigating the Medicare enrollment process.