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

By RetireMED®iQ

Medicare’s open enrollment (a.k.a. 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 or future 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 next 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 is 200+ pages and it 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.

FAST FACT: Studies show that many people could save hundreds of dollars each year by switching plans. While most people don't like switching, doing so could save them money on overall out-of-pocket spending on prescriptions.

Even if you are happy with your current plan, it is important to review your plan’s changes during open enrollment. Completing this exercise will help ensure you are enrolled in the right plan for you. By doing this each year, you will have fewer unpleasant surprises and will better manage your health care costs.

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 is 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 your one-on-one appointment with a Benefit Advisor, simply call us at 1-844-388-6565 or securely submit this form to have a representative contact you in time for this year’s open enrollment.

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