8 Tips to Get the Most Out of Medicare's Annual Enrollment Period (AEP)

If you have Medicare, the Annual Enrollment Period (AEP) is one of the most important times of the year. Each year, from October 15 through December 7, Medicare beneficiaries can review their current coverage and make changes to their Medicare health and prescription drug plans for the following year.

Taking time to review your coverage during AEP can help ensure your plan continues to meet your healthcare and prescription drug needs.

Reminder: Changes made during AEP generally take effect on January 1.

Tip #1: Review Your Current Coverage

Even if you're satisfied with your current coverage, it's important to review your plan every year.

Medicare Advantage and Part D prescription drug plans can change from year to year. Changes may include:

• Monthly premiums

• Copayments and coinsurance

• Provider networks

• Drug formularies

• Extra benefits

Your insurance carrier will send an Annual Notice of Change (ANOC) each fall. This document outlines any changes to your plan for the upcoming year and can help you determine whether your current coverage still meets your needs.

Tip #2: Compare Plans Available in Your Area

AEP is a good opportunity to compare your current plan with other available options.

New plans may become available, costs may change, and benefits may differ from one plan to another. Reviewing available plans can help you make an informed decision based on your healthcare needs, budget, and preferences.

Remember, the lowest premium is not always the best value. Consider total costs, provider access, and prescription drug coverage when comparing plans.

Tip #3: Verify Your Doctors, Hospitals, and Pharmacies

Before making any coverage changes, confirm that your preferred healthcare providers and pharmacies participate in the plan's network.

Consider questions like:

• Is my primary care physician in-network?

• Are my specialists covered?

• Is my preferred pharmacy included?

• Are nearby hospitals in the network?

Checking these details before enrolling can help avoid unexpected costs later.

Tip #4: Review Your Prescription Drug Coverage

Prescription drug costs can vary significantly between plans, using our online tutorials and step-by-step instructions.

Take time to review:

• Whether your medications are covered

• The cost of each medication

• Preferred pharmacy options

Even if your medications haven't changed, a plan's drug formulary (what they cover) and in-network pharmacies (where they cover it) may change from year to year. Reviewing your drug coverage annually can help ensure it continues to meet your needs.

Tip #5: Understand Important Enrollment Deadlines

The Annual Enrollment Period runs from October 15 through December 7 each year.

Most Medicare Advantage and Part D plan changes must be submitted during this period. Coverage changes generally become effective on January 1.

Keeping track of Medicare deadlines can help you avoid missed opportunities to review or change your coverage.

Tip #6: Know That Additional Enrollment Opportunities May Be Available

Some beneficiaries may qualify for other enrollment periods outside of AEP.

For example, individuals enrolled in a Medicare Advantage plan generally have access to the Medicare Advantage Open Enrollment Period from January 1 through March 31. During this time, they may switch to another Medicare Advantage plan or return to Original Medicare if eligible.

Eligibility rules vary, so review your options with your agent carefully before making changes.

Tip #7: Use Medicare's Plan Comparison Tools

The Medicare Plan Finder at Medicare.gov can help you compare Plan D plans available in your area. We cover how to do that in our step-by-step tutorials here.

The tool allows you to review:

• Monthly premiums

• Drug coverage

• Estimated prescription costs

• Provider networks

Using Plan Finder can help you make a more informed decision when evaluating coverage options.

Tip #8: Seek Unbiased Help If You Need Assistance

Choosing Medicare coverage can be complicated, especially if your healthcare needs have changed.

If you would like assistance, consider speaking with:

• A licensed insurance agent

• Your State Health Insurance Assistance Program (SHIP)

• Medicare directly at www.medicare.gov or by calling 1-800-MEDICAR

A licensed agent can explain the plans they offer and help you understand available options. Always review plan details carefully before enrolling.

Conclusion

The Annual Enrollment Period is your opportunity to review your Medicare coverage and determine whether it continues to meet your healthcare and prescription drug needs.

By reviewing your current plan, comparing available options, checking provider networks, and evaluating your prescription drug coverage, you can make informed decisions about your Medicare coverage for the upcoming year.

Need help understanding your Medicare options? Contact Senior Allies at 833-801-7999 to speak with a licensed agent. No obligation.