What is AEP?
The Medicare Election Period, also known as Annual Enrollment Period (AEP) is an period of time where Medicare members are able to switch their Medicare Advantage Plan (also known as Part C) or Prescription Drug Plan (also known as Part D) for the upcoming year. This enrollment period runs annually between October 15th and December 7th. This is the primary opportunity members have to renew or change their current plan so it’s important to review your options each year. We know this time of year can be stressful and confusing so we are here throughout the season to guide you every step of the way.
1) Review your Annual Notice of Change Packet
Annually in September, you are going to receive what’s called an “Annual Notice of Change (ANOC)” packet from your current plan. It explains any changes for the upcoming year so it’s important to review this document as you may notice the medications you take are no longer covered or your out-of-pocket limit may no longer be within your budget. If you have not received this packet by mid October, call your plan to have them send you another copy. My clients should also keep a look out for my AEP letter each October, where I list some of the biggest highlights for each plan.
2) Review the Past Year
Gather all of your past invoices together and look at the types of care you have been focusing on in the last year. Is your plan properly covering your doctor visits? Is there specific care that you’ll be focusing on in the next year your plan doesn’t cover? Are your new prescriptions in your formulary? These are all important questions you’ll need to ask yourself when reviewing your health plan because as you know, your health is always changing and your plan may no longer meet those needs. Budgeting your medical expenses is one of the most important keys to Medicare Planning.
3) Create a List
Create a list of all your prescriptions and doctors. It’s important to include all of the details such as the pharmacy you use because you might discover it determines the pricing of your drugs with each plan. When listing prescriptions, make sure to include how frequently you take them along with the dosage amount (Example; you take 20mg of Metoprolol once every other day). When listing doctors, include their office location. Your doctor may be in the plan’s network in one of their locations, but not all. It’s important to re-evaluate these each year because there are various networks and formularies available. With the AEP letter I send to my clients in October, I include a blank prescriptions document for them to complete and return so we can discuss their options.
4) Compare your Plan Options
With our Medicare select-a-plan tool, you can enter all of your prescriptions and doctors into a Medicare database that will generate plans in the order of what meets your needs. This tool is safe and easy to use, and there is no commitment. Of course when you enter your details, you don’t just want to pick the plan off the top of the list. It’s important to review and compare all of the top options, as their benefits and pricing varies. One plan may not have a premium, but they don’t offer dental which is something you might need. Weigh out your pros and cons to help determine what changes need to be made.
5) Get a Second Opinion
After all of that planning, you might still find yourself stuck at a crossroad. We know how overwhelming this season can be. It is always reassuring to get a second opinion from a licensed Medicare Agent. We are available for you throughout the year if you have any questions on your Medicare plan.
Now, you’re ready to enroll! Happy AEP!