Fall is just around the corner, which means that for those enrolled in Medicare, the Annual Election Period (AEP) is coming. This is a critical time to review and make changes to your Medicare Advantage or Medicare Part D coverage.
Spanning from October 15th to December 7th, AEP allows you to change Advantage or Part D plans to find coverage that will fit you best in the new year. In this blog, I wanted to share three insider tips that can help you protect your healthcare rights and retirement savings.
Tip 1: Review Your “Annual Notice of Changes”
While Medicare Part A and Medicare Part B cover your hospital visits and doctor visits. You do not need to review A & B as a part of Open Enrollment.
Medicare Advantage (Part C) and Medicare Part D Prescription Drug Plans are offered by private insurers, and these plans change every year. Providers can and do change pricing, tiering, and requirements to get certain drugs covered.
You will receive a letter called “Annual Review of Notices” by October 15th from your current Advantage or Part D company detailing any changes that have happened to the plan you are in. You DO NOT want to miss this letter.
Insider Tip 2: Save Money By Changing Part D plans
With Prescription Drug Plans (Part D), you could save thousands of dollars in the new year by choosing the right Part D plan. Whether that’s enrolling in a new plan or sticking with your current plan, the right plan can save you money.
Here’s an insider secret: Not all plans are created equal.
The medications covered and their associated costs can vary widely between plans. Every year, these can change. The key is to compare plans with your medications, pharmacy, and location to help limit your out-of-pocket expenses.
By reviewing our client’s Part D plans in 2022, we saved our clients, on average, over $1,500 in 2023.
Insider Tip 3: Get unbiased help
I want you to remember that you are not alone in this process. As your Medicare Advocate and the leading Medicare expert in the country, I am here to provide unbiased guidance to your Medicare decisions.
My passion is helping you make informed choices that preserve your health and hard-earned savings.
I am not associated with any insurance agent or company, making my advice completely free from bias.
So beware this open enrollment season, there are a lot of ads out there that convince you to do something that may not be right your unique situation.
To get help with your Medicare decision, you can register for my next free online Medicare workshop by going here: https://join.themedicarecoach.com/free-workshop
