The Annual Enrollment Period (AEP) takes place from October 15th through December 7th. You can prepare by comparing your current coverage to other options on the market.
What Can You Do During The Annual Enrollment Period?
Before you can prepare for Annual Enrollment, you need to know your potential options within it. During the AEP, you can switch:
- From Medicare Advantage (MA) to Original Medicare and vice versa
- From one MA plan to another
- From a MA plan without prescription drug coverage to a MA with a Prescription Drug plan, and vice versa
- From one Prescription Drug plan to another
- To a completely new plan with a different provider
Examples of the Annual Enrollment Period
With this in mind, how should you consider your current Medicare coverage to determine and navigate through the AEP?
Let’s say you recently enrolled in Original Medicare for the first time, and now, you have decided you want to add more coverage to help with some of the cost. In this case, you may choose to switch to MA, an option that covers all of the same benefits as Original Medicare, but with network coordination to lower your out-of-pocket costs. Or, you can also add Part D for prescription drug coverage.
On the other hand, perhaps you’re already enrolled in MA. One of the best ways to get the most out of the AEP is to shop around and reevaluate your current coverage against new or improved competition. If a provider in your area has a plan better suited to your needs at a good price, you should use the AEP to take advantage of it. This is also the case when it comes to Part D plans.
Should You Use the Annual Enrollment Period?
The answer to this question depends on a few personal questions and evaluations of current health and budgetary needs and goals. Perhaps you have a plan that offers too much coverage—while no one complains about extra benefits, some have an issue with the cost of those additional benefits. Though many people do not consider it, switching to a plan with less coverage during the AEP can help.
You should use the AEP, then, if you want to pay less for your Medicare, whether by taking a plan with less benefits or by finding a provider that offers the same coverage at a better price.
You should also use the AEP if you want more coverage. Perhaps you feel as though you’re overpaying for too little coverage with your current provider, or you simply just want something more. The AEP is the best time to reconsider your needs and take advantage of it.
Don’t Let the Annual Enrollment Period Pass You By—Call Swisher Insurance
Unsure how to navigate AEP? We know people who do—Swisher Insurance works tirelessly towards a brighter future for its customers. To have all of your questions answered, call 502-259-0780.
