How are you liking your Medicare plan? Do you ever wonder if you could achieve better coverage or lower out-of-pocket costs with a different plan? Would you like to compare plans, and try to identify a better fit for your healthcare needs?
That’s the point behind the Annual Election Period, which runs from October 15 to December 7 each year. During this time, beneficiaries can make changes to Medicare Advantage plans and Part D plans. Now is the time to compare coverage, premiums, and potential out-of-pocket costs among different plans. If you decide that another plan is a better fit for you, you can change your enrollment during this time period.
Plans can and do change each year. Each year, Medicare plan administrators can make certain changes to their costs, benefits, coverage, or the network of providers and participating pharmacies. By this point, you should have received either an Evidence of Change (EOC) notice and/or an Annual Notice of Change (ANOC) from your plan administrator. If you haven’t already, now is the time to review these materials and determine whether the plan’s coverage and cost still meets your needs. If it doesn’t, or if you’re not sure, we can help you review these materials and make a decision about your healthcare plan.
Comparison shopping is always wise. In some cases, your plan might not be changing much, but you still wonder if another plan would be a better fit. Comparison shopping might save you money or help you identify a better deal. Give us a call and we can help with that too.
Here’s what you’re able to do during the Annual Election Period:
- Change from Original Medicare to a Medicare Advantage plan
- Change from a Medicare Advantage plan back to Original Medicare
- Change from one Medicare Advantage plan to another
- Enroll in a supplemental Part D plan (for prescription drugs)
- Change from your current Part D plan to a different one
- Drop Part D coverage altogether
If you decide to make a change, your new plan will take effect on January 1, 2021.
Healthcare is one of the most important decisions you will make each year. Let’s discuss your current plan, and then compare it to other options. Together we can make sure you’re enrolled in the best plan for you.