The Medicare Annual Enrollment Period (AEP) is upon us. Beginning October 15th and ending December 7th every year, this period is your opportunity to review what you currently have and choose a new plan. But should you?
To effectively answer the above question, there are 3 major questions you will need to answer:
- Has your current plan changed?
Insurance companies review, and sometimes change, their Part D and Medicare Advantage Plans (Part C) each year.
Every year around September-October, Medicare beneficiaries receive an annual notice of any changes and / or Evidence of Coverage from your plan for review. This will alert you to any changes in your plan including costs, benefits, and/or rules for the upcoming year.
- Have your circumstances changed?
This can include everything from financial changes to health changes, and even travel habits. These changes may not align with your current plan and should be accounted for. If you have doctors, pharmacies, and hospitals you specifically like, you will need to check your plan details to make sure these providers are in network.
Your current plan could have had benefits removed or even added, your current circumstances will dictate whether your current plan is right for you.
- What is your budget?
Things can change drastically in a year financially. Have you started working part time? Have you lost a stream of income? Has the plan you currently have changed? There are a lot of variables that affect your budget and financial assistance is even available for low-income households.
You may also consider how much you spent in the last year out-of-pocket and how your deductible, copay and coinsurance played a role in that.
There are a lot of things that should be considered when reviewing your Medicare plan. This may not be on top of your list of fun things to do as you get ready for the holiday season, but it is important that you make sure your current plan doesn’t fall short of your needs.
If you need help, please feel free to reach out to Brenda, it is no-cost to you and her goal is to make sure you are on track with your Medicare needs.
*Gilliam Insurance Advisor is not approved by, endorsed by, or affiliated with a government agency.