6 Steps for Medicare Annual Election Period (AEP)
Whether you are already covered by Medicare or if this is your first year of being enrolled, it can be confusing to know how to navigate the Annual Election Period. In this checklist, we review 6 important steps to take to ensure you have the best Medicare plan coverage for your needs.
Medicare Coverage AEP Checklist
Step 1: Check Eligibility
Are you covered? Most people are eligible to receive Medicare when they reach the age of 65. Some individuals with certain health conditions that prevent them from working may also be eligible for Medicare. You can view Medicare eligibility requirements at: https://www.mymedicarematters.org/enrollment/am-i-eligible/ or by speaking with a licensed independent Medicare insurance agent.
Step 2: Review Changes in Your Health Care
If you already have Medicare, you should plan an annual review of your health care needs. Many times, health care needs change year-over-year. Reviewing these changes can help ensure your current plan is the best plan for your needs—or to compare the benefits of other plans. Have you…
- Had any changes in your primary care provider?
- Been told you need an upcoming surgery?
- Had a change in prescriptions (added, changed, or decreased)?
- Been diagnosed with a major illness?
- Improved your overall health?
- Experienced a wellness setback?
- Required transportation to and from doctor appointments?
Step 3: Review Changes in Your Medicare Plan
Even if nothing has changed in your health care, often Medicare plans change. Review your existing Medicare plan to ensure no change has been made that will impact your coverage.
Every year in September, you will receive an Annual Notice of Change (ANOC) letter. This explains the changes that affect your plan in the upcoming year.
If you’re not sure which changes impact you or if you did not see or save the letter, speak with your licensed independent insurance agent.
Step 4: Compare Available Medicare Plans
Even if you are happy with your current plan, it is always a good idea to compare it to other available plans in your area.
While comparing plans, you’ll want to consider:
- Whether the plan covers your health care needs.
- Costs, including co-pays, premiums, and deductibles.
- Physician availability. Ensure your plan covers your preferred physicians.
- Additional benefits not covered by Medicare
- Additional Dental Coverage
- Additional Vision Coverage
A licensed insurance agent can help you compare the top-rated plans for your individual needs.
Step 5: Choose Your Plan
Keep in mind what are the top 3 benefits you are looking for in a plan. This will help you identify which plan is best suited for your needs.
Step 6: Sign Up by December 7, 2019
The deadline for changing Medicare Advantage plans, changing from Original Medicare to a Medicare Advantage Plan (or vice versa), changing, enrolling or canceling Part D prescription plans is December 7, 2019. Don’t wait until the last minute!
If you are keeping your current Medicare plan, no action is required at this point.
Your independent licensed insurance agent can help save you a headache by helping you sign up. If you’re not sure whether you are currently signed up for Medicare, have questions about the changes you’d like to make, or would like help signing up, contact us TODAY! We would be happy to help you at no cost to you on your Medicare journey.