What To Consider For The Upcoming AEP Period

by | Sep 22, 2020 | Uncategorized

If you are currently covered with Medicare until October 15th, 2020. This is an important date to remember. It is the first date for the Medicare Annual Election Period or AEP, and it goes through to December 7th of each year. Meeting with one of our local independent insurance agents sometime during this period allows us to assess your current coverage and plan for any additional coverage requirements.

AEP is the period of time for those with MedicareAdvantage, which is also called Medicare Part C, to make specific changes to their coverage. This is also the time to make changes to Medicare prescription drug plans. While many people find they are currently on the best plan, taking the time to compare options and consider changes in needs is essential to limit any potential increase in out of pocket costs.

Options to Consider

During the AEP period, those covered by Medicare Advantage and the Medicare prescription drug coverage programs can make specific types of changes. In addition, if you missed signing up for these programs during the Initial Enrollment Period, this is typically the time to make the change.

A very common change is to move from the Original Medicare plan to the Medicare Advantage plan. Original Medicare offers Part A and Part B, which are inpatient and hospital insurance (Part A) and outpatient medical insurance (Part B). Medicare Part C allows private insurance companies to offer the same coverage as Original Medicare, with even more coverage.

Medicare Part D is also offered through private insurance companies and covers specific types of medications. Each plan has different covered prescription medications. As the cost of prescription drugs can be high, this is a key factor we review with each of our clients when considering if changes are needed to the current coverage level during the annual AEP period review.

There are also Special Election Periods, or SEPs, that can be used to make changes outside of the standard October 15th through December 7th AEP. We can work with you to determine if you qualify for changes during the SEPs. There can be a penalty for late-enrollment in the Medicare Part D prescription plan in a SEP, which is why we recommend an annual review in the AEP.

To schedule a meeting with our licensed, certified, and experienced agents, call us today at 623-777-3315.