Medicare and the Annual Enrollment Period: Make the Most of Your Benefits This AEP

As I am writing this article, I can’t quite say that the air has started to turn and the hints of fall are on the horizon. We are still in the heat of summer with humidity that has no plans of going anywhere anytime soon. By the time you read this, however, I am hoping the air is a little bit crisp, the days are a little shorter, and you are planning something fun for the upcoming fall weekend. October is here, and that means that once again, we are in the Annual Enrollment Period for Medicare.

So, what does that mean for you? It means that now is the time to review your current coverage and see if it still makes sense for you in 2027.

If you are on Medicare, October 15th – December 7th is the enrollment period that allows every Medicare beneficiary to make changes, add coverage, or drop coverage. Give yourself plenty of time to review your current plan, consider what you like about it, and think about what you might want to change.

If you’re on Original Medicare, you may also have a Medicare Supplement (Medigap) plan to fill in the gaps of your Part A and Part B coverage. You may also have a Part D prescription drug plan. Part D plans are directly affected by annual enrollment. Toward the end of September, these plans will send out their Annual Notice of Change, letting you know how your plan will look for next year. The changes may be minor or significant, but it’s important to review that notice when it arrives in your inbox or mailbox.

Medigap (Medicare Supplement) benefits, on the other hand, generally remain the same from year to year. While benefits stay consistent, premiums often change. These plans are not affected by annual enrollment, and you can make changes at any time of the year.

The alternative to Original Medicare plus a Supplement and Part D plan is enrolling in a Medicare Advantage (Part C) plan. These plans have undergone many changes in recent years, and we expect that trend to continue. If you are on an Advantage plan, you’ll want to keep an eye out for the annual notice of change on those as well. These notices will be important for comparing current premiums and benefits to next year’s.

While you are not required to make a change, the Annual Enrollment Period gives you the opportunity to switch to a different plan if you choose. Some people switch because their network, co-pays, or coinsurance have changed, while others remain on the same plan year after year. This decision is entirely personal and should be made after carefully reviewing your options.

Here’s a quick refresher:

• Part A – Hospital coverage
• Part B – Medical coverage
• Part D – Prescription drug coverage
• Part C (Medicare Advantage) – Combines Parts A, B, and usually D under one plan

During annual enrollment, you will notice a huge increase in marketing efforts. Companies will call, mail, and advertise heavily, hoping you’ll choose their plan. While switching to another company may be appropriate, it should only be done after a thorough review of your choices.

If you need help reviewing the plans available in your county, reach out to someone local that you can trust. At GHT, we offer guidance to those transitioning to Medicare as well as those already enrolled. Remember, insurance agents and brokers are paid by the carriers, so you should never have to pay to speak with a licensed professional about your Medicare plan options. We are here to help with both enrollments and claims/service inquiries.

If you have questions, please do not hesitate to reach out. We offer Medicare educational sessions each month, and our team is always ready to assist you in deciding on the right choice for you.

Now go outside and do something fun! Have a happy fall!