AEP stands for “Annual Enrollment Period” and it’s the time of year when Medicare beneficiaries can make changes to their current coverage. Because this only happens once a year - from October 15th to December 7th - it’s important to make the most of it!
Below are five things you can do during the Annual Enrollment Period. Schedule an appointment with Leonard Financial Solutions for Medicare help in New Jersey.
1. Drop Medicare Advantage and switch to Original Medicare.
Medicare Advantage plans are appealing. They’re affordable and often include coverage for dental, vision and hearing. However, the grass isn’t always greener on the other side. Advantage plans also have a lot of pitfalls that can actually end up costing you more. If you want to switch back to Original Medicare, you can do this during AEP.
2. Switch from Original Medicare to an Advantage plan.
On the other hand, you may be interested in switching to an all-in-one Advantage plan. You’ll get Part A and Part B benefits, and sometimes Part D benefits as well. You may also get additional benefits like eyeglasses, dental care and wellness programs. To try an Advantage plan, talk to your financial advisor.
3. Change your Part D prescription drug plan.
Another thing you can change during Medicare AEP is your Part D prescription drug plan. Here are some questions to think about as you compare Medicare quotes in NJ:
- What medications are you currently taking? Are they covered under the plan?
- Do you prefer taking generic drugs? Look for a plan that has a tiered pricing system.
- What if you’re not taking any medications? It’s possible that a low monthly premium is the best option. You will still have prescription drug coverage if you need it.
- Are you on a strict fixed income? To keep drug costs steady, consider a low or no deductible plan.
4. Elect to change to a different Advantage plan.
Perhaps you prefer to have an Advantage plan but are looking for something different. Because Advantage plans come from private companies, you can shop around and compare plans. Use the Annual Enrollment Period to find an Advantage plan that better meets your needs and budget.
5. Drop or add Part D prescription drug coverage.
Medicare Part D is not mandatory. Therefore, not everyone wants or has this coverage. If you’re currently without Part D, now is the time to compare quotes and pick a plan. If you don’t want Part D, you are free to drop this coverage during AEP. However, we believe in keeping Part D because it gives you peace of mind.
Whether you’re looking to compare Medicare quotes in NJ or drop/add/switch Medicare coverage, contact Leonard Financial Solutions today. We’ll help you make an informed decision for your needs and budget so that you have the proper coverage come 2022.