The Medicare Annual Election Period grants you the opportunity to change your current benefits, switch to a new plan from your current plan, or enroll in a Medicare Advantage Plan. Medicare only allows for those changes to be made within a certain time frame.
Each year around September, you’ll receive an Annual Notice of Change Letter that will explain all the anticipated changes happening to the various Medicare Plans. This notice should be an indicator that AEP is approaching.
Within the Medicare Annual Election Period or AEP, you may consider making some changes to your current health care plan. We put an AEP Checklist together to help you prepare.
Medicare AEP Checklist for 2019
Enrolling in Medicare for the first time, changing your current benefits, or switching to a new plan from your current plan, is actually a pretty simple process.
Once you are ready to make some changes, here is a Medicare AEP checklist to help you through the process.
Medicare Enrollment AEP Checklist
Step 1: Make sure you are eligible to enroll
Verifying that you’re eligible to enroll in a Medicare Advantage plan is a crucial first step. If you meet the requirements for Medicare eligibility, you’re all set to start the enrollment process when it is available to you.
Step 2: Decide if your current coverage is what you need
We encourage you to take a deeper look into the coverage you are currently receiving. Think about your health situation, and what you are currently getting the most use out of.
Then, try to figure out how you may be able to supplement or take away from your plan. For example, if your only doctor visits this year have been routine appointments, you may consider downgrading your plan.
Step 3: Research how Medicare affects your current insurance
When looking into Medicare plans, it is recommended that you discuss with your provider how your insurance works alongside Medicare. In some instances, Medicare advantage could possibly put your current plan at risk. Confirm that they will work together in the most beneficial way for you before making your decision.
Step 4: Compare costs and review them thoroughly
This may be considered one of the most important steps to finding the perfect coverage for you. Often times, you may be able to find a better and more affordable option for health care coverage.
Remember, Medicare Advantage plans are typically cheaper in cost than the Original Medicare plan. Remember to consider co-pays, premiums, and even deductibles while making your decision.
Step 5: Check physician availability
One thing that is often looked over during the Annual Election Period (AEP) is the availability of good doctors and hospitals. Most plans will come with a directory of doctors, so be sure you are comfortable with those lists.
If you have completed this Medicare AEP checklist and decided on the best option for you, it’s time to move forward. If you still feel like you could use a bit more information, please feel free to contact us today, and we will help get you set up in the right direction.
Special Election Periods
Special Election Periods, or SEP, can be granted to beneficiaries under certain circumstances.
Medicare will allow changes to be made outside of the Medicare Annual Election period only if the beneficiary has experienced one of the following complications:
- Relocating, or moving away from where your plan is no longer available.
- Qualifying for extra assistance.
- The contract being cut between your plan and Medicare.
- Moving to or from a hospital or assistance facility.
- Receiving Medicare and Medicaid.
- Losing your current coverage.
Usually, once the event takes place that knocks you from your current plan and into a Special Election Period, you will have two months to decide on your new coverage plan.
What if I’m Not Happy With My Medicare Advantage Plan
Prior to 2019, the Medicare Advantage dis-enrollment period ran from the 1st of January through the 14th of February. Starting in 2019, the return of the Medicare Open Enrollment Period will replace the MADP. During this time, you can change your Medicare Advantage Plans or switch back to Original Medicare.
Important Factors to Consider
Helping you avoid mishaps and confusion is very important to us. We want to stay away from making hasty decisions, so here are some last-minute factors we encourage you to consider.
- Make sure your provider network is desirable for your medical needs.
- Be sure to check if all of the prescription drugs you take are covered, and within your means.
- Look into the costs as a whole, not just premiums.
- Don’t assume zero-dollar premium plans are the best option
- And last, but certainly not least, check out the ratings for the plan you are interested in. Excellent ratings and customer satisfaction reports will tell you a lot about how beneficial the plan will be for you.
For many, the Medicare process can sometimes be stressful and create angst to your health care situation. However, don’t forget, we are available to answer all of your Medicare-related questions, at your convenience.
If you have concerns or need assistance, give us a call today, and one of our agents would be happy to help you through this process. I hope you’ve found this Medicare AEP checklist helpful! If you would like to compare rates now online, click here for our rate form.