Each year from October 15 to December 7, Medicare beneficiaries can make changes to how they receive their Medicare Advantage and Prescription Drug coverage for the coming year.
Insurance companies review and refine their Medicare plan benefits once a year. Sometimes the changes are minimal, but sometimes they can be quite significant.
Since plans will automatically renew if you don’t make changes, it’s a good idea to make sure your plan still meet your needs for the coming year.
Here are some things you should consider that will help you make informed decisions about your Medicare coverage during AEP.
How’s Your Health?
Has your health changed in the last year? Is there anything new about your health that you need to take note of? It’s important to consider any new health conditions when reviewing plan options for the coming year.
Annual Notice of Change (ANOC)
It’s important to review your ANOC or annual notice of change when you receive it in the mail. Some things to look for are benefits being added or removed from your plan, changes to providers in your network, changes to in and out of network coverage, and changes to prescription drug coverage.
Your Needs and Your Coverage
Does your current Medicare plan cover your healthcare needs? It’s important to consider if any of the plans changes for the upcoming year will affect your healthcare needs.
Along with evaluating plan changes you need to check and make sure all your preferred doctors and providers are included in your plan coverage. Prescription drug coverage is another important factor to consider. Are the prescriptions you need on your plan’s formulary, and can you receive them online or via mail?
Considering your out-of-pocket costs is something you need to be aware of during AEP. Are your out-of-pocket costs what you expect? Will you need help paying for Medicare?
At Core Insurance Advisors we help make Medicare Annual Enrollment easy and stress free! Get in touch with one of our experienced advisors for a no-cost plan review: 877-404-8060.