The reason why AEP runs during this time is because Medicare health plans and Part D prescription drug plans sometimes change their premiums, deductibles, cost-sharing and other benefits. In some cases, they may discontinue coverage altogether.
With potential changes taking place, it gives Medicare members an opportunity to review their plans and make sure they have the right coverage for the following year. But what if you are happy with your current coverage? Do you need to do anything during AEP?
Maybe not. It all depends on if your plans are changing.
How Will I Know if My Medicare Plan is Changing?
If you’re in a Medicare plan, your plan will send you an Annual Notice of Change in September. This plan includes any changes in coverage and costs that will take effect in January. Be sure to review this thoroughly so that you know how your plan is changing.
As long as you are happy with your current Medicare plan and any changes that may be taking place in 2022, you don’t have to do anything with your Medicare plan. But we still encourage you to be aware of how your plans may be changing and prepare accordingly.
How Do I Review My Plan’s Changes for 2022?
An Annual Notice of Change explains all the changes that will be happening to your plan such as your premium and copayment, if your plan’s provider network will change and/or a list of medications that will be covered. Even if you like your current plan, it’s still a good idea to compare other options to make sure you’re getting the best coverage at the best price.
And, if your health plan is terminating coverage, you should receive a notice about this by October 2. This notice will let you know of the termination, along with your rights and options for other coverage.
Is it Common for Medicare Plans to Change?
While Medicare plans don’t change much from year to year, there are still subtle changes that can make a difference in your coverage and payments. Also, your needs may change, which means another plan might make more sense for you.
Starting October 1, 2021, Medicare health plans and prescription drug plans can start marketing their 2022 plans. There may be some changes with Part A and Part B cost changes and service area changes, as well as formulary changes to your Part D prescription drug coverage.
Medigap plans, or supplemental insurance, does not incur annual changes, so you shouldn’t expect to receive a notice from this plan.
NOW is the time to make changes to your Medicare plan. Contact Leonard Financial Solutions to speak with a Medicare expert who can help you make these changes.