3 Things You Need to Know about Medicare’s Open Enrollment

By RetireMEDiQ

Medicare’s open enrollment (also known as the Annual Election Period or AEP) is an important time of year. We want you to be as prepared as possible to make the best health care decisions possible. Here are three things you need to know about open enrollment that will help!

Medicare’s open enrollment runs from October 15 through December 7.

During AEP, you may switch to a different Medicare plan if you aren’t happy with your current coverage.

FAST FACT: You can switch as many times as you want during open enrollment. However, whatever you’re enrolled in on December 7 is your plan until the following year’s open enrollment.

Plans can change each year.

Insurance companies spend the first half of each year working with the government to finalize changes to their plans.

FAST FACT: Insurance companies announce their plan changes in late September through the Annual Notice of Change. This document explains the coming changes to your plan.

Understand and compare your current plan to upcoming changes.

This is an important part of protecting your health care costs from shifting dramatically year to year.

While in years’ past, we have encouraged our clients to set up an appointment with us to review their current plan during AEP, the need for this action has diminished greatly due to the stabilization in the market. If the plan you are currently on is meeting your needs and you do not have specific complaints about it, you likely do not need to consider other plan options. However, if your prescriptions or health have changed in the past year, contact our Client Services team to review your benefits at 1-877-222-1942.

If you aren’t sure the best way to assess your current plan, or you’re looking for guidance on the right action to take during this year’s enrollment period, our team of health plan experts are available to help get you moving in the right direction. We can show you how your plan will change, outline the impact on your budget and provide you with other coverage options that meet your retirement lifestyle, budget and needs.

To schedule an appointment with a local advisor, simply call contact us at clientservices@retiremediq.com or 1-877-222-1942.

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