A Guide to Follow During the Medicare Annual Enrollment Period (AEP)
The Medicare Annual Enrollment Period (AEP) allows anyone enrolled in Medicare to make any changes to their policy. A few of the most common changes include switching plans, dropping coverage, or enrolling in Medicare Advantage. The Medicare signup period lasts between October 15th through December 7th every year.
Here are a few things to always do during Medicare AEP.
- Review Your Current Coverage
Taking the time to review your current plan is well worth the effort to avoid making costly mistakes. Any major life changes can make an impact on your coverage, such as switching jobs or if you were diagnosed with an illness. An insurance specialist can work with you to help you choose the best coverage that meets your needs.
- Look for Ways to Save
Checking your eligibility for savings is important before choosing a Medicare plan. For example, you may be able to save money on prescription drugs by applying for a Low-Income Subsidy (LIS). Applying for Medicaid is another option if you have a low income. Looking at different ways to save money can result in big savings over time.
Here are a few things to avoid during Medicare AEP.
- Don’t Pick a Plan Too Soon
Many people make the mistake of selecting a plan too soon. However, it’s a good idea to research all of your available options. For example, a new plan may be less expensive, but it might not cover all of your prescription medication, or your doctor may not work with the plan. Reading the details of a Medicare plan is essential to avoid these costly mistakes.
- Don’t Confuse Medigap With Medicare
Medigap is different from other Medicare plans, as the enrollment period isn’t limited to the AEP. Enrolling in Medigap outside of the Initial Enrollment Period can result in higher fees due to your age or any pre-existing conditions. On the other hand, Medicare Advantage and Part D plans don’t consider your age or pre-existing conditions during enrollment.
Contact Us for Medicare Signup
Good & Associates can help you find the best Medicare plans to meet all of your needs. Our experienced team will work with you in comparing all of your options, and we are always happy to answer any of your Medicare questions.
Feel free to give our team Good & Associates a call today to learn more about our Medicare signup services!