Every September before AEP begins, the plan benefits for the following year are released. You should be receiving an Annual Notice of Change (ANoC) letter in the mail, if you haven’t already. This gives you the chance to review your plan and ensure you have the best coverage for your needs.
Even if you’re not intending to change anything, it’s still important to review your plan benefits as there may be premium increases, changing benefits and changing prescription drug formularies. This may influence your decision to keep or switch your Medicare benefits.
What Can You Do During Medicare AEP?
If this is your first time receiving an ANoC letter, or you’re unhappy with your future adjustments, it’s helpful to know what you can do during this period. Fortunately, you can change pretty much anything during this enrollment window. But after December 7th, you will have to work with the benefits you have.
Here are some of the things you can do during Medicare AEP:
- Drop an Advantage plan and return to Original Medicare
- Switch from one Advantage plan to another
- Change from Original Medicare to Medicare Advantage
- Elect to change from one Part D prescription drug plan to another
- Cancel your current Part D prescription drug plan
- Add a Part D prescription drug plan (if you don’t currently have one)
Essentially, Medicare AEP allows you to switch, drop or join any Medicare plan. Any changes that you make to your plan will become effective starting January 1st, 2022.
Need Medicare Help in New Jersey? Leonard Financial Solutions Can Help!
With the Annual Enrollment Period coming up, it’s best to get in touch with a licensed insurance agent. This way, you can ask specific questions that pertain to your circumstances. For example, if you’re managing a chronic health condition or plan on traveling more often, adding a Medigap plan is probably worth it.
Leonard Financial Solutions is happy to help with your Medicare questions, whether you’re planning to switch, add or drop a plan. We can also provide you with several Medicare quotes in NJ to compare. Schedule an appointment with us today and let us help you with the enrollment process.