You should review your Medicare coverage during the Annual Election Period (AEP) every year. Doing so can save you money and frustration in the year to come.
Annual Coverage Changes
From year to year, the benefits your plan offers may change. While each plan has the same basic Original Medicare coverage, Medicare Advantage plans can offer additional packages for dental, vision, hearing, and prescription drug coverage along with bonus benefits such as fitness club memberships. The coverage under these plans is subject to change because it is directed by the private insurance company, not Medicare. Watch for changes in coverage that may influence you to switch plans.
Medicare Part D plans may change which prescription drugs they will cover in the next year. It’s highly important to stay with a plan that covers every medication you take. Review your coverage during the AEP to make sure your plan will continue to cover your prescriptions.
Related Post: 4 Things That Make Medicare AEP Super Important
Annual Pricing Changes
Each year, your plan may change its pricing. That may affect your premiums, copays, deductible, and more. Cost-sharing with any health insurance plan can get expensive, but those odds increase when you’re not paying attention. Check-in with your plan costs each year during the Annual Election Period to make sure the prices you see are in line with the coverage you are receiving and that you cannot find the same coverage for a better price elsewhere.
Compare Alternatives
Reviewing your coverage gives you the chance to fully understand what your coverage for next year will be and to compare these benefits with those of other plans in your area.
Make Sure Your Needs Are Met
You want health insurance that fulfills every healthcare need you currently have. Don’t let yourself go without prescription drug coverage if you regularly take medication or if you have begun to take medication in the last year. If you find that your coverage is less than adequate, seek out a different plan for the coming year.
Related Post: Can I Join Medicare Advantage During the Fall Enrollment Period?
AEP Advantages
The Annual Election Period allows Medicare beneficiaries to take control of their coverage by letting them review their plans and compare them to others available in their area. This allows you to take action after learning about your plan’s annual notice of change. Once you have chosen a plan, you can renew your coverage, switch to a different plan, or drop the plan and return to Original Medicare.
Searching for a New Plan
Medicare Advantage and Medicare Part D plans are region-based. They cover you within a certain geographic area and usually use a network of healthcare providers or pharmacies to bring you coverage. When you sign up for a plan, you must be enrolled in Medicare Part A and Part B and live within the plan’s service area.
Finding a new plan can seem daunting at first, but going to a Medicare expert can make the process much easier. If you are in the search for better Medicare coverage, look to the professionals at Medicare Detectives. Call us today to set up an appointment.
