How to Prepare for the Medicare Annual Election Period (AEP)
August 21, 2023 | John Demko
Autumn.. it’s that wonderful time of year when the leaves start changing, the weather begins to cool down, and the word Medicare appears everywhere you turn! That is because with the change in seasons begins the Medicare Annual Election Period, commonly referred to as AEP. AEP runs each year from October 15th – December 7th and allows Medicare beneficiaries to review their existing Medicare coverage and make any changes they would like to their plans for the upcoming calendar year.
You don’t want to let this event pass by without ensuring you are still in the right Medicare plan. Here is what you need to do to prepare for the upcoming Medicare Annual Election Period.
Review the Year
The first thing you want to do is think back on the year and take into consideration how your plan worked for you. Did it cover your medications well? Did you have access to all of your doctors? Did it cover that unexpected dental procedure? It can be helpful to consider if you have been satisfied with your Medicare coverage and if it will still suit your needs in the upcoming year. If you anticipate changes in your health or lifestyle, you want your Medicare plan to support those changes.
Read Your Materials
Every year, your insurance carrier will send out an Annual Notice of Change booklet detailing changes to your specific plan, including coverage, costs, or service area adjustments. All Medicare plans must deliver this booklet to members by September 30th, and any described changes will occur in the new year on January 1st. Reviewing the ANOC information is crucial to ensure your plan remains suitable for your needs. Also, remember to check the formulary (list of drugs) to confirm your prescriptions are covered and identify any tier or deductible changes that could impact your medication costs.
What Is ANOC and Why Is It Important?
Attend an ANOC Meeting
What’s better than reading a booklet of exciting Medicare information, you ask? That would be hearing the details firsthand at a Medicare ANOC Meeting. An ANOC meeting which is often held in person at a meeting space near you or virtually online is a great way to learn about the changes occurring to your plan. It can be helpful to have experienced licensed Medicare agents explain any changes specific to your plan and if there is any action you may need to take. At an ANOC meeting, you will also have the opportunity to ask questions about your current coverage and the changes for the following year. Contact us today to learn more about ANOC meetings available to you.
Read More: Why You Should Schedule an ANOC Meeting
Schedule an Appointment
The last step to prepare for the Medicare Annual Election Period is to make an appointment to review your Medicare plan and other options that may be worth considering for the next year. This is not a requirement for all Medicare beneficiaries, as not everyone will need to or benefit from changing their plans. However, for some, changing coverage can make a significant impact and could save you hundreds or even thousands of dollars in the upcoming year. Meeting with a Medicare insurance broker who represents all of the Medicare options in your area can help you find the ideal plan for your unique needs and have peace of mind in your Medicare selection for the upcoming year.
Find out more: Why It’s Important To Review Your Medicare Plan Information
If you have questions about your existing Medicare coverage or preparing for the Medicare Annual Election Period, contact Twin City Underwriters today.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, Blue Cross/Blue Shield of Minnesota, Medica and UCare. We work with you to find the best plan for your needs and budget. Contact us today to get started.
