Christine Gibson
Licensed Insurance Agent
Once again, fall is upon us, as well as the Medicare Annual Enrollment Period (AEP). This period of time, between October 15 and December 7, is an annual opportunity for Medicare Beneficiaries to enroll in Medicare Prescription Drug Plan or Medicare Advantage Plan for the following calendar year.
During this time, it is important for consumers to analyze their current plan and determine if it is still the best option for them. If a consumer has had several medication changes or doctor changes that are not covered on their current plan, they may want to consider a different plan.
Another option available to consumers during AEP is to disenroll from a Medicare Advantage Plan and revert back to Original Medicare. When consumers drop a Medicare Advantage Plan, they often opt to apply for a Medicare Supplement Plan to help cover some of their medical copays. Beware, if you opt to disenroll from a Medicare Advantage Plan, I recommend you enroll in a stand-alone Prescription Drug Plan to go along with your Medicare coverage, since a Medicare Supplement Plan does not include Prescription Drug Coverage. Whatever changes you may make during AEP will become effective January 1 of the following calendar year.
Important Things to Consider During Annual Enrollment:
Is your current plan working for you?
Are your prescription drugs covered?
Are you comfortable with the monthly premium that you’re paying?
Are you comfortable with the current copays that you’re paying?
Are your doctors in network?
If your plan offers extra benefits, are you utilizing those benefits?
Do you need other extra benefits not covered by your plan?
Christine Gibson is a State Licensed Insurance Agent who helps local residents with Health and Medicare Insurance questions in Waynesville. For more information, call 828-246-9950.
Originally published in Positively Haywood, October 2022