How to Know if You Need to Change Your Medicare Plan During the Annual Election Period (AEP)
The Medicare Annual Election Period (AEP) runs from October 15 to December 7 each year. During this time, you have the opportunity to review and update your Medicare plan. But how do you know if you need to make a change? Here’s what you should know:
1. Review Your Annual Notice of Change (ANOC)
Before the AEP starts, your Medicare plan provider will send you an Annual Notice of Change (ANOC). Typically mailed at the end of September, the ANOC outlines any changes to your plan for the upcoming year. These changes may include:
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Premium increases, Higher Deductibles, Altered Coverage
It’s important to carefully read your ANOC to understand how these changes could affect you.
2. Compare with Your Evidence of Coverage (EOC)
In addition to the ANOC, review your current Evidence of Coverage (EOC). This document outlines your current plan’s details and can help you determine whether any changes to your health needs will require you to switch plans.
3. Account for Market Changes and the Inflation Reduction Act
Due to Medicare market changes in 2024 and the Inflation Reduction Act’s impact on Part D prescription drug plans, it’s a good idea to compare your current plan with others available in your area. These changes may affect the costs of medications or coverage options.
4. Consider Your Evolving Healthcare Needs
If your health needs have changed, this is a crucial time to reassess your plan. When reviewing your options with a Medicare agent, make sure to provide:
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A list of all current medications, Details on any medical changes, including new diagnoses or treatments, Physician or hospital preferences
5. Simplify the Transition to a New Plan
By working with your agent during the AEP and sharing important information upfront, they can help you find a plan that best meets your needs. If you decide to switch plans, the agent can also assist in making the transition smoother.
Key Takeaways:
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Review your ANOC and EOC to see if your plan will change.
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Consider how changes to premiums, coverage, and medications may affect your choice.
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Evaluate your healthcare needs and talk to a Medicare agent to find the best plan.
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Take advantage of the AEP to update your Medicare coverage and potentially save money or get better benefits.
Why This is Important for You
Medicare AEP is a critical period for making sure you have the right coverage for the next year. Reviewing your plan and considering changes during this time can help you avoid unnecessary costs or gaps in coverage.