Annual Election Period is October 15 – December 7. A little time spent reviewing your Medicare coverage today could help prevent an unexpected surprise in January.
If you’re happy with your Medicare coverage, it can be tempting to simply leave everything as it is. But when it comes to Medicare—and your healthcare—the best surprise is no surprise.
Medicare Advantage and Part D prescription drug plans can change from one year to the next. During Medicare’s Annual Election Period (AEP), October 15 through December 7, you have an opportunity to review your coverage and make changes for the upcoming year.
The important thing to remember? Your plan may be changing even if you aren’t.
Remember Your Annual Notice of Change
As we discussed in the September issue, your Annual Notice of Change (ANOC) explains how your current Medicare Advantage or Part D plan will change for the coming year.
By October, the focus should shift from simply reading those changes to deciding what they mean for you. Pay particular attention to changes involving your doctors, prescriptions, pharmacies, and healthcare costs.
If everything still works for you, great. If something has changed, AEP is your opportunity to explore your options before December 7.
AEP Isn’t About Switching — It’s About Reviewing
One of the biggest misconceptions about AEP is that everyone needs to change plans.
They don’t. Sometimes, after reviewing everything, the best decision is keeping exactly what you have. The purpose of an annual review isn’t to find a reason to switch—it’s to make sure you understand your coverage and that it continues to meet your healthcare and financial needs.
Being informed leads to a confident decision. When you understand what is changing—and what isn’t—you can make your Medicare decision based on your individual needs rather than uncertainty or assumptions.
Are You Overpaying for Your Medicare Supplement?
This is also a great time to review your Medicare Supplement coverage and make sure you’re not overpaying. Medicare Supplement benefits are standardized, which means a Plan G provides the same standardized medical benefits regardless of the insurance company—but premiums can vary significantly from one carrier to another.
Individual results vary. Changing Medicare Supplement plans may require medical underwriting.
Not everyone will see savings like this, and changing Medicare Supplement carriers may require medical underwriting depending on your circumstances. But if your premium has continued to increase over the years, it may be worth taking a few minutes to compare.
Could you be paying more than you need to for the same standardized Medicare Supplement benefits? A simple review can help you find out.
“The goal isn’t to change coverage just for the sake of changing. It’s to understand your options and feel confident about the coverage you’ll have in the year ahead.”
Your Quick AEP Checklist
Before December 7, take a few minutes to review the things that could have the greatest impact on your healthcare and your wallet:
- Annual Notice of Change: Know what is changing with your coverage beginning January 1.
- Doctors & Hospitals: Confirm your preferred providers are still in your plan’s network.
- Prescription Drugs: Check your medications for coverage, tier, and cost changes.
- Pharmacy: Make sure your preferred pharmacy continues to work well with your plan.
- Healthcare Costs: Review premiums, deductibles, copays, coinsurance, and your maximum out-of-pocket amount.
- Additional Benefits: Look for changes to dental, vision, hearing, OTC, and other benefits you use.
- Your Healthcare Needs: Consider whether your medications, doctors, or expected healthcare needs have changed since last year.
One Review. A Lot More Confidence.
A Medicare review doesn’t automatically mean changing plans. Sometimes it simply provides reassurance that your current coverage continues to meet your needs. Other times, it can uncover a change—or potential savings—you didn’t realize was there.
Either way, don’t wait until the final days of AEP. Give yourself time to review your coverage, ask questions, and understand your options before December 7.
Being informed about your Medicare options today can help you make a confident decision about your healthcare for the year ahead.
Shannon Redman is a Medicare-certified insurance agent, local St. Charles-area Medicare resource, and owner of BoomerCare Health Solutions. Shannon helps individuals and families better understand Medicare through straightforward education and personalized, no-pressure guidance.
Whether you’re approaching Medicare for the first time, reviewing your current coverage, or simply have a question, Shannon is available to meet in person, by phone, or virtually.
BoomerCare Health Solutions
224-238-0321 | shannonredman@boomercarehealth.com
Medicare Made Simple. Be Informed. Be Confident.
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