If you’re a Medicare beneficiary, take note of this important date: December 7 is the closing date of Medicare’s Annual Election Period. Unless you make desired changes to your Medicare plan by that date, your current plan will automatically renew for next year.
Why is this important? Even if you like your current Medicare plan just fine, plan administrators can and do make changes each year. Sometime prior to October 15, you should have received a notice called either Evidence of Change (EOC) or Annual Notice of Change (ANOC). These notices detail any changes to the upcoming plan year, regarding costs or coverage limits. It is important to review these notices when they arrive, so that you don’t receive any unpleasant surprises during the next plan year. Never just assume that your current plan will remain the same.
If it looks like your plan might be changing, contact us right away to determine your next action. We can help you compare different plans and select one that fits your needs.
Even if your plan is remaining relatively the same, your needs could be changing. Speak with your primary care physician about your personal risks, medications that you might need in the near future, upcoming treatments, and more. If it looks like you might face increased or different healthcare needs in the near future, you should also reevaluate your Medicare plan to be sure it’s a good fit for you.
- During the Annual Election Period, you can take the following actions:
- Switch from one Medicare Advantage plan to another
- Drop Medicare Advantage and go back to Original Medicare
- Switch from Original Medicare into an Advantage plan
- Add, change, or drop Prescription (Part D) coverage
Any changes you make to your plan(s) will take effect on January 1, 2021. Again, the deadline to make these changes is rapidly approaching on December 7. If you haven’t already contacted us to discuss your options, now is the time to do so.