The Annual Enrollment Period (AEP) for Medicare started on October 15th and goes until December 7th, which is just around the corner. If you want to join, switch or drop a plan, you need to make these changes by December 7th.
By now, you should know if you want to make changes to your Medicare plan, such as by switching from Medicare Advantage back to Original Medicare or changing your Part D plan. If you haven’t taken a look, do so now and connect with a financial advisor in NJ who can guide you through the process.
Below are the do’s and don’ts for Medicare’s Annual Enrollment Period.
Do: Review your plan for changes.
If your Advantage or Part D plan is changing, you should have received an Annual Notice of Change letter during September. This letter details the changes that will take place starting January 1st, 2022. Some of the things to look for include eliminating drugs or dosages from the formulary and increasing premiums and other out-of-pocket costs.
Do: Make a list of your prescription medications.
Most Advantage plans offer prescription drug coverage. To ensure they’ll be covered next year, it’s helpful to write down a list of the medications you take, along with their dosage. Also include whether you take the generic or brand-name version. If a formulary doesn’t include your medications or dosage, it’s likely your medication won't be covered.
Do: Schedule an appointment with your financial advisor.
Your financial advisor can provide insight on healthcare costs and Medicare benefits. For instance, Leonard Financial Solutions helps clients choose between Original Medicare and Medicare Advantage. We can also compare Medicare quotes for Part D prescription drug insurance, as well as Medigap plans.
Don’t: Assume you can enroll in any Medigap plan.
You might think that AEP is a good time to add a Medigap plan to your Original Medicare coverage. But Medicare’s AEP only pertains to Part C (Advantage) and Part D (prescription drugs). Medigap is separate from these parts, so chances are, you’ll have to wait to enroll in a Medigap plan.
Don’t: Wait until next year to make changes.
The purpose of AEP is to give you a head start on your plan so that you’ll be happy with your coverage in the new year. Advantage plans often make changes to their plans, but you don’t have to be unhappy with yours. Take a bit of time to get your ducks in a row - otherwise you’ll have to wait a whole year to change your plan.
Leonard Financial Solutions still has appointments available! Contact us today to discuss your Medicare coverage and how you can add, drop or switch your plan.
By now, you should know if you want to make changes to your Medicare plan, such as by switching from Medicare Advantage back to Original Medicare or changing your Part D plan. If you haven’t taken a look, do so now and connect with a financial advisor in NJ who can guide you through the process.
Below are the do’s and don’ts for Medicare’s Annual Enrollment Period.
Do: Review your plan for changes.
If your Advantage or Part D plan is changing, you should have received an Annual Notice of Change letter during September. This letter details the changes that will take place starting January 1st, 2022. Some of the things to look for include eliminating drugs or dosages from the formulary and increasing premiums and other out-of-pocket costs.
Do: Make a list of your prescription medications.
Most Advantage plans offer prescription drug coverage. To ensure they’ll be covered next year, it’s helpful to write down a list of the medications you take, along with their dosage. Also include whether you take the generic or brand-name version. If a formulary doesn’t include your medications or dosage, it’s likely your medication won't be covered.
Do: Schedule an appointment with your financial advisor.
Your financial advisor can provide insight on healthcare costs and Medicare benefits. For instance, Leonard Financial Solutions helps clients choose between Original Medicare and Medicare Advantage. We can also compare Medicare quotes for Part D prescription drug insurance, as well as Medigap plans.
Don’t: Assume you can enroll in any Medigap plan.
You might think that AEP is a good time to add a Medigap plan to your Original Medicare coverage. But Medicare’s AEP only pertains to Part C (Advantage) and Part D (prescription drugs). Medigap is separate from these parts, so chances are, you’ll have to wait to enroll in a Medigap plan.
Don’t: Wait until next year to make changes.
The purpose of AEP is to give you a head start on your plan so that you’ll be happy with your coverage in the new year. Advantage plans often make changes to their plans, but you don’t have to be unhappy with yours. Take a bit of time to get your ducks in a row - otherwise you’ll have to wait a whole year to change your plan.
Leonard Financial Solutions still has appointments available! Contact us today to discuss your Medicare coverage and how you can add, drop or switch your plan.
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