If this is your first year participating in the Medicare Annual Enrollment Period (AEP), you may be confused about what you need to do. Getting the information you need is crucial if you want to make sure your Medicare plan is ready for the upcoming year. You could lose hundreds of dollars if you don’t fully understand the AEP and don’t take advantage of it. We have compiled and addressed some of the most commonly asked questions we receive this time of year in an effort to better prepare you for the AEP.
What Is The AEP?
A specified window of time known as the Annual Enrollment Period (AEP) allows people to modify their Medicare coverage. It enables Medicare enrollees to change their plan selections to better meet their medical needs. The AEP can be used by eligible people to switch, enroll in, or disenroll from any Medicare plan. Including Original Medicare (Parts A and B), Medicare Advantage (Part C), and Medicare prescription drug coverage (Part D). Including the options to enroll in or modify Medicare prescription medication coverage, move between Medicare Advantage plans, and convert from Original Medicare to Medicare Advantage.
When Is The AEP?
Every year, the AEP takes place from October 15 to December 7. Unless you are eligible for a Special Election Period (SEP), the AEP is usually your opportunity to make these adjustments if, during your initial enrollment period, you did not enroll in a Medicare Advantage or Medicare prescription drug plan. Any modifications you make during the AEP take effect on January 1st of the following year.
Why Is The AEP So Important?
There are several reasons you might think about changing your Medicare coverage since your healthcare needs change over time. All Medicare beneficiaries should be aware of the costs associated with premiums, deductibles, and copayments. If your current plan is too costly, moving to a more affordable alternative can help you control your medical spending. When you undergo specific health changes, switching Medicare plans can also be helpful. Some people have pre-existing ailments that get worse with time, or they develop chronic conditions. In these situations, you might want to think about moving to a Medicare plan that provides better coverage along with condition-specific care management services. By doing this, you can make sure that you have access to the care, drugs, and assistance you need to maintain your health.
What’s The Difference Between Original Medicare and Medicare Advantage?
Original Medicare consists of two portions that are provided by the federal government: Part A and Part B. Hospital insurance, or Part A, is typically premium-free and includes skilled nursing facility care, inpatient hospital treatment, lab testing, surgery, and home health care. As long as you worked 10 years and paid Medicare taxes. Part B medical insurance has a monthly payment that is determined by your income and covers physician services, outpatient treatment, medical equipment, home health care, and certain preventive services. Under a contract with the federal government, private insurance firms offer Medicare Advantage Plans, often known as Medicare Part C. In addition to other benefits like dental, hearing, vision, and/or prescription medication coverage, they cover the same benefits as Medicare Parts A and B.
Do I Have To Change My Coverage?
No, if you are happy with your current Medicare plan, you don’t need to change it. However, you should be aware of any impending changes for the future year and shop around to make sure you are getting the features you need at a reasonable cost.
What Are The New Medicare Changes In 2024?
Every year, the Medicare program in the United States may alter somewhat or significantly. Before AEP, every year the Centers for Medicare and Medicaid Services (CMS) announces these changes in September and October. Increases in Part B and Part A cost-sharing, higher Part B premiums (but flat or slightly lower Part A premiums), modified income-related premium surcharges for Part B and Part D, the removal of Medicare Part D coinsurance once an enrollee reaches the catastrophic coverage level, and expanded availability of the full Low-Income Subsidy (Extra Help) for Part D prescription drug coverage are some of the changes to 2024 Medicare coverage.
Certain home healthcare services, skilled nursing facilities, and inpatient hospitals are covered by Medicare Part A. For those who have worked for 40 quarters or more who are insured by Medicare, there is no premium for Medicare Part A. CMS estimates that 99% of Medicare enrollees do not pay a Medicare Part A premium. CMS said that the monthly Part A payment, which is paid by beneficiaries with less than 30 quarters of Medicare-covered employment and some individuals with disabilities, will drop to $505 in 2024 by $1. Your premiums stay at $278 if you or your spouse have worked 30 to 39 quarters. The Medicare Part A deductible for inpatient hospital services will rise to $1,632 by an additional $32. The daily coinsurance payments for Part A will be as follows:
$408 for days 61–90 of hospitalization during a benefit period
$816 for lifetime reserve days
$204 for days 21–100 of extended care services in a skilled nursing facility during a benefit period
Medicare Part B is medical insurance, which pays for doctor visits along with other services and supplies that are required for medical care. It also includes ambulance services and preventive treatment to avoid illness. In addition, several kinds of outpatient prescription medication, mental health coverage, and durable medical equipment are included. Medicare Part B is going to get more expensive in 2024. In 2024, the average monthly premium for Medicare Part B will be $174.70, representing a nearly 6% increase over the 2023 payment. The Medicare Part B premium was $164.90 in 2023. Additionally, the yearly Medicare Part B deductible will rise from $226 in 2023 to $240 in 2024. Increases in spending are the main cause of cost changes.
Under a contract with Medicare, private businesses provide Medicare Advantage plans (Part C). Medicare Advantage plans, which offer Part A, B, and occasionally D (drug) benefits, are enrolled by around 50% of Medicare beneficiaries. Lower rates and appealing extras like gym memberships, dental, vision, and hearing coverage are features found in most policies.
Selecting “in-network” providers is a requirement of MA plans. You might have to pay extra or not receive coverage at all if you travel outside the network or coverage area of the plan. According to CMS reports, it expects Medicare Advantage premiums to remain relatively unchanged in 2024 compared to 2023. Medicare Advantage monthly premium averages should be $18.50 in 2024 as opposed to $17.86 in 2023. For over 73% of beneficiaries, there will be no rise at all.
CMS anticipates a decrease in Part D premiums in 2024 to $55.50 in 2024 from $56.49 in 2023. The Inflation Reduction Act of 2022 caused multiple policy adjustments, which is why there has been a drop. In 2024, new cost-sharing restrictions take effect. There is a temporary cap on the amount of coverage provided by Medicare prescription drug plans, known as a coverage gap. This coverage gap is called the “donut hole.”
The donut hole begins when your insurer and you spend $5,030 on covered pharmaceuticals, which is more than the $4,660 in 2023. Following $5,030, you will have to pay a part of your prescription medications out of pocket, up to the amount specified by your plan. Upon reaching this threshold, whether you purchase your prescriptions from a pharmacy or online, you won’t be required to pay more than 25% of the total cost of the medication (brand-name and generic). Once you cross that threshold, your coverage resumes.
You get into the catastrophic coverage phase once you’ve spent the maximum amount of money you can for covered medications ($8,000 in 2024). This stage results in the elimination of cost-sharing for approved medications in 2024. More individuals will also be eligible for expansion of Extra Help in 2024. This will allow Medicare beneficiaries who meet certain requirements can receive fixed lower copayments instead of a premium and deductible. Participants can save roughly $300 a year on average.
Can I Change My Medicare Plan Outside of The AEP?
It depends on the situation. You will have the opportunity to make adjustments during your Special Enrollment Period, for instance, if you move outside of the coverage area of your plan or if you no longer qualify for coverage for any other reason. Of course, you can always leave a Medicare Advantage Plan, prescription drug plan, or Supplemental Plan whenever you choose, but you can’t join or modify them unless you are eligible for a Special Enrollment Period (AEP).
How Do I Enroll During The AEP?
It is possible to enroll in a Medicare plan through assessing your options and selecting one on your own, but working with a qualified Medicare agent is recommended to avoid missing out on a fantastic, cost-effective plan. The Medicare representatives at EZ can help you every step of the way and compare all of your Medicare options. As well as help you find a Medicare Supplement Plan from the best insurance providers in the nation.
Working With EZ
If you have any additional questions about medicare & medicare supplement plans feel free to reach out to an EZ agent. Our local agents are here to help you compare plans, find plans that fit in your budget, go over your coverage, and keep you up to date with everything you need to know about your plan. To get a medicare supplement quote online you can enter your zip code in the bar below. To speak to a live agent you can give us a call at 877-670-3602.
Medicare’s Annual Enrollment Period (AEP) is here, so don’t worry if you missed your initial enrollment period, you’ve got time! You’ve probably seen all the ads urging anyone eligible to enroll or make changes, but what is the AEP, and how can you make sure you’re enrolling in the right plan? Well, you’re in the right place for those answers. This guide will show you how, when, and what changes you can make to your current Medicare health plan or prescription drug plan for 2024. You’ll get answers to all the important Medicare AEP questions so you can make the best choices.
What Is The Annual Enrollment Period?
For Medicare, this happens every year from October 15 to December 7. People might also call AEP “Open Enrollment” or “Fall Enrollment Period.” All people who are eligible for Medicare can sign up or make changes during this time, and your new coverage will start on January 1 of the next year.
What Can I Do During The Annual Enrollment Period?
You can use the AEP to initially enroll in Medicare. You can also use the AEP to sign up for a Medicare Supplement Plan or Advantage Plan if you already have Medicare Parts A and B. On the other hand, you can also drop your current Medicare Supplement Plan or drop your Medicare Advantage Plan and go back to Original Medicare if you choose.
Enrolling in Medicare
Medicare is a government program that helps pay for health care for people 65 and older or younger people with certain disabilities or health problems. The 4 Different parts of Medicare cover different kinds of medical treatments.
Medicare Part A – Medicare Part A pays for short-term inpatient care in a hospital, skilled nursing center, or nursing home, as well as hospice care and some home healthcare.
Medicare Part B – Medicare Part B pays for doctor visits and other outpatient services, as well as mental health care, ambulance transfers, durable medical equipment, lab tests, and preventive screenings. Parts A and B are sometimes called “original Medicare” to set them apart from Medicare Advantage plans that are run by private companies.
Medicare Advantage (Part C) – Medicare Advantage plans are an option to replace original Medicare. They are offered by private insurance companies in accordance with Medicare rules. Participants usually pay less out of pocket, but service is usually limited to providers in the network.
Medicare Part D – Coverage for prescription drugs. To sign up for Medicare Part D, you need to have either standard Medicare or a Medicare Advantage plan.
Medicare Supplement – Medicare Supplement Insurance is sold by private companies. It pays for some of the costs that original Medicare doesn’t cover, like deductibles, coinsurance, and copays.
Comparing
During the Annual Enrollment Period, one of your biggest decisions is whether it’s better to go with Original Medicare with a Medicare Supplement plan or a Medicare Advantage plan. Knowing the different types of coverage can help you decide which one makes the most sense for you. Here’s a look at how they compare.
Original Medicare
Allows you to use any doctor, hospital, or other health care provider who accepts Medicare and is taking on new patients.
Coverage for Parts A and B of Medicare.
There’s no need to pick a primary care doctor, and most of the time, you don’t need a referral to see a specialist.
Most of the time, you pay a deductible, co-pays or co-insurance, and Part B premiums.
Medicare Part D is not included.
Most people who have Medicare Part A benefits do not have to pay a premium. In 2024, the standard monthly premium for Medicare Part B is $179.80, but if you make more, your payment may be higher. The Part B deductible in 2023 was $226 and should be close to the same for 2024. There are deductibles and charges for both Parts A and B. The 2024 prices have not been announced yet but they should be close to the 2023 amounts. Part A charges in 2023:
Benefit period deductible was $1,600.
Hospital stay days 1-60 had no coinsurance per benefit period.
Days 61-90 has a $400 per day coinsurance per benefit period.
Days 91 and over had $800 coinsurance per lifetime reserve day used (up to 60)
Once you’ve used all of your lifetime reserve days the patient pays all costs
Medicare Supplement
Fills in the coverage gaps left by Original Medicare
Medicare is billed first for health care services, and the Supplement Plan is billed second.
Out-of-pocket costs will be based on what’s left after Medicare and the Supplement Plan pay their share.
Medicare Supplement plans vary based on the insurer and the plan you choose and where you live. To find out more about Medicare Supplement costs click here for our state-by-state Medicare Supplement Guide.
Medicare Advantage
Usually, you have to use doctors, hospitals, or other health care workers that are part of the plan’s network. There may be a fee if you go to a service that is not in your network.
Required to cover the same essential services Original Medicare does.
Depending on plan and provider, you may need a referral for specialists.
Plans have different out-of-pocket costs, but some may limit how much you have to pay each year.
Most plans cover medications through Medicare Part D.
How much you pay for a Medicare Advantage plan (Medicare Part C) depends on the plan you choose. Members of Medicare Advantage are still responsible for paying their Medicare Part B payments, but some plans may pay some or all of them on their behalf. This is called a “Medicare giveback benefit” in the insurance world. Some Medicare Advantage plans may have a monthly fee on top of what you already pay, but most don’t. Deductibles, copayments, and coinsurance costs can also be different.
AEP Tips
Your Medicare plan will automatically continue at the start of each year unless you change it, but you might not get the same benefits. Every year, insurance companies look at the perks of their Medicare plans and make changes. Instead of just letting your plan keep going, you should make sure it still meets your wants. During the Medicare Annual Enrollment Period (AEP), you can change your plan if you want. Here are some tips to help you make decisions about your Medicare coverage during AEP that are based on accurate information.
Check Your Current Plan Changes
Each year, your Medicare Advantage plan (Part C) or Medicare prescription drug plan (Part D) may change how much it covers or how much it costs. Changes go into action on January 1, so you need to be aware of them when making decisions during AEP. Changes to a plan may include adding new benefits, taking away benefits that were previously offered, updating the list of drugs that are covered, and lowering or raising prices. Plans will send you a letter called an Annual Notice of Change (ANOC) that explains any changes to your benefits or costs for the next year. Plan members usually get ANOC letters in September. Read it carefully and get in touch with your plan provider if you don’t get one.
Review Your Handbook
“Medicare & You” is the government’s official guide to Medicare. It covers coverage, costs, enrollment, and more. Every year, it’s changed. The guide shows what’s new with Medicare and what, if any, big changes are coming in the next year. Changes to Medicare rules or policies could affect your benefits, costs, or other parts of your health care, so it’s important to stay up to date.
Review Your Plan
Now that you’ve looked at plan changes and gone over what your plan covers it’s time to look at your present plan more closely. Start by figuring out how well your current Medicare plan will work for you in the coming year. If your plan still seems like the right choice, you don’t have to do anything during AEP to keep it. You’ll stay on the plan as long as you keep paying your fees and other costs.
Shop Around
If you think your plan won’t meet your requirements anymore, you should look for one that will. Even if you think your current plan will still meet your needs, you may want to look around to see if you can find one with better features or lower costs. Every year, on October 1, insurance companies release new information about their Medicare plans. They are competing for your business, so don’t be afraid to look at all of your choices.
What If I Miss The Annual Enrollment Period?
During the Medicare Annual Enrollment, you can change your Medicare Parts A or B coverage. From October 15 to December 7, anyone can sign up. People who have private Medicare Advantage plans have their own open enrollment time, which runs from January 1 to March 31. If you miss your open enrollment time, you usually have to wait until the next year to make changes. However, there are some cases where you can make changes before the next year. Special Enrollment Periods (SEPs) are times when you can make changes to your benefits. You might be able to get an SEP if you:
Move to a place that isn’t in the service area of your present plan.
Move to a new area that gives your current plan new coverage choices
Are let out of prison
Move into or out of a nursing home with skilled care
Move back to the United States after living abroad
Leave coverage through a company or COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage
Stop being covered by the Program of All-Inclusive Care for the Elderly.
Used to be able to get Medicaid, but now you’re not.
Are registered in a Medicare Advantage plan or Part D plan that hasn’t been renewed
Both Medicaid and Medicare are available to you.
These are just some of the times when you might be able to change your Medicare plan outside of the Annual Enrollment Period. On the Medicare page, you can find out more about these times.
Getting Medicare With EZ
EZ can assist you in enrolling in Medicare, purchasing a Medicare Supplement Plan, or simply weighing your options. Our agents work with the best insurance companies in the country. They can provide you with a free comparison of all available plans in your area. We will go over your medical and financial needs and help you find a plan that meets your needs. To get started, simply enter your zip code in the bar below or give one of our licensed agents a call at 877-670-3602.
The Medicare Annual Enrollment Period (AEP) is the time to review your current plan and ensure it will still work for you for the coming year. But the AEP ends December 7, leaving you with a little less than a week to make any changes to your Medicare plan. Before this time is over, it is imperative that you do all of the following to make sure that you are fully and financially prepared for next year!
It is very important to review your plan before the AEP runs out to make sure it meets your needs next year.
Review Your Current Plan
This is one of the most important things that you need to do during the AEP! Oftentimes people will not read the letters they receive about upcoming changes to their plan, but it is very important to review any correspondence that you receive in order to make sure that your plan will cover your medical needs in the coming year, and that you will be able to afford it.
Review Your Healthcare Habits & Needs
Gather all of your healthcare receipts, and think back to all your doctor visits, specialist appointments, and any other health-related expenses from the last year. Then make a list of everything health-related that you think you will need or healthcare expenses that you anticipate for the coming year. Will your current plan cover these needs for next year? Or do you need to start searching for a plan that will?
Check Your Coverage for Medications
If you regularly take prescription medications, you will need to make sure that your plan’s drug formulary includes these necessary medications. Different Medicare plans have different formularies, meaning each plan covers medications differently. Some plans might have your prescription on a different tier, making it less expensive. Make a list of all the prescription medications that you take, and compare plan formularies and pricing to make sure that your medications will be covered at a reasonable price.
Remember to make a list of your doctors and specialists!
Make A List of Your Doctors & Specialists
Write down all of the medical providers that you visit, including your primary care physician, your hospital of choice, and any specialists that you see regularly. If you want to continue seeing the same providers, make sure they will still be covered by your current plan next year. If not, it’s time to search for a plan that will cover them.
Talk With An Agent
The best way to find the right plan for you is to get personalized assistance from an EZ agent. There are 10 different Medicare Supplement Plans to choose from, which means there’s sure to be a plan that’s right for you. But that also means it can be confusing and time-consuming to compare and choose between them. That’s where EZ comes in! And our services are free because we just want to help you find an affordable plan with the coverage you need – no obligation, just free quotes. To get free instant quotes on plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.
If you are new to the Medicare Annual Enrollment Period (AEP), which begins October 15th and ends December 7th, it might seem overwhelming or confusing at first. But it’s important to take the time to compare your options during this enrollment period, otherwise you’ll most likely be leaving money on the table. You might end up paying too much in premiums or miss out on a great plan that could save you money and give you the extra coverage you need.
Even if you are not new to the Medicare Annual Enrollment Period, there are certain mistakes that you should avoid making that could cost you next year.
1. Not Checking If the Annual Enrollment Period Is for You
The Medicare Annual Enrollment Period is often confused with Medicare Open Enrollment, but these are two separate things. Medicare Annual Enrollment is for people who have already enrolled in Medicare and want to switch from Original Medicare to Medicare Advantage or vice versa. You can also switch from one Medicare Advantage plan to another, or from a Medicare Part D prescription drug plan to another.
On the other hand, the Medicare Open Enrollment Period is your 6-month period when you turn 65; at this time, you can enroll in Medicare for the first time.
2. Overlooking Changes In Your Life
It is very important to analyze any changes in your life, including changes to your medical needs and financial situation when determining what you need to do during the AEP. Your medical or financial situation may have changed over the past year, which means your coverage will also need to change. For example, if you have gotten married or lost a spouse, your income tax is lower than expected, or you have developed a medical condition that requires more medical coverage, you will need to reassess your coverage. You will need to find a plan that fits your budget and still meets your needs.
3. Assuming Your Providers Will Be in Network Next Year
This is a very big mistake that many Medicare beneficiaries make going into the new year. Every year, your current Medicare plan will undergo changes, and one of these changes could be changes to your network and who is covered by your plan. Your current doctors and preferred pharmacy may no longer be in your plan’s network for the following year, so it is important to double-check in case you need to change plans for next year.
4. Focusing On Premiums Alone
When looking to save money, people will often focus on the price of premiums alone. They won’t factor in the out-of-pocket cost of Medicare, including co-pays, deductibles, and coinsurance costs. But when searching for a plan, it’s important to include all costs that are going to end up coming out of your pocket, so you know what to expect and know you can afford it. That way you can also choose the plan that covers everything you need it to cover, even if it’s not the cheapest plan.
If You Need Help…
If you’re finding that Original Medicare isn’t enough for you, a Medicare Supplement Plan is a great option to look into. A Medicare Supplement Plan can help you pay for the medical expenses that aren’t covered by Medicare Part B. One of these plans can help you save hundreds, or maybe even thousands of dollars each year.
There are 10 different plans to choose from, and depending on which plan you choose, you could get anywhere from 75% coverage of your medical expenses up to 100%. Each plan offers a range of coverage at different price points and can help save you money and keep you from stressing over medical bills, leaving you with more time and energy to focus on your health.
EZ can compare all 10 Medicare Supplement Plans and find the one that will meet your financial and medical needs. Our agents work with the top-rated insurance companies in the nation, which makes comparing plans easy, quick, and free – our services come at no cost to you because we just want to help you save money so you can focus on your health. To get free instant quotes on plans that cover your doctors, simply enter your zip code in the bar above, or to speak to a local licensed agent, call 888-753-7207.
Did you know that out-of-pocket costs top the list of considerations when picking a Medicare plan? In fact, based on a report by eHealth, around 29% of Medicare beneficiaries say finding a plan with affordable out-of-pocket costs is the most important thing to them, while 27% say affordable premiums are most important, and 26% cite coverage for their preferred doctors and hospitals. So, if you’re like most Medicare beneficiaries, and are living on a fixed income, you’re looking to save as much money as possible. Before the Medicare AEP is over (December 7), make sure to review the following top 6 out-of-pocket costs you can expect next year, so you can choose the plan that will save you the most money.
1. Premiums
You will have a monthly Medicare premium to pay:
Part B premiums for 2022 have not been released yet, but for 2021, they were $148.50/month, and you can expect next year to be slightly more.
There generally is no monthly premium for Part A if you worked 40 quarters or 10 years. If you worked less than that, you can expect to pay a monthly premium ($471 per month for 2021).
2. Deductibles & Coinsurance
Deductibles are the amount you will pay out-of-pocket before your coverage begins and Medicare starts paying for your medical services. For each benefit period, you will need to meet a Part A deductible (for 2021 it was $1,484); you will also need to meet a Medicare Part B deductible each year, which was $203 in 2021.
You will also be responsible for Medicare coinsurance:
Part A: After 60 days in a hospital, Medicare charges a coinsurance per day for days 61-90. After 20 days in a skilled nursing facility, you will have to pay coinsurance each day for days 21-100. After 100 days, you pay all costs out-of-pocket.
Part B will only cover 80% of your medical expenses, after you meet your deductible. This leaves you to account for the other 20% out-of-pocket.
3. Prescription Coverage
Prescriptions can cost a lot of money if you have chronic conditions, but you can save if you compare plans.
If you have a Part D plan, your monthly premiums will be based on which plan you purchased, and your prescription drug coverage costs will depend on which formulary your medication is in. Different prescription drug plans will place medications on different tiers, so your drugs might cost more or less depending on which plan you choose.
You are supposed to enroll in Medicare when you turn 65, and if you miss the deadline to enroll, you will face a late enrollment penalty. You can expect to pay:
Part A: You will pay 10% of your monthly premium for twice the number of years you were eligible but did not enroll in Medicare.
Part B: You will pay 10% of your monthly premium multiplied by the number of years you went without Medicare after you were initially eligible.
5. Non-covered Services
You need to budget for common medical needs that Medicare does not cover, such as routine eye care, dental care, and hearing aids.
Many Medicare beneficiaries purchase a Medicare Supplement Plan because it covers the Part B coinsurance (the 20% of medical expenses you owe out-of-pocket), amongst other services. These plans are relatively affordable, saving you money on your out-of-pockets expenses for a low monthly premium. There are 10 different plans to choose from, so you can pick the one that meets your specific medical needs and budget.
The Medicare Annual Enrollment Period is a very important time when you can look for a plan that better suits your needs, and save some money. The AEP is coming to an end, so now is the time to think about your budget, review the out-of-pocket costs mentioned, and find ways you can cut down on costs, such as by purchasing a Medicare Supplement Plan. If you need help comparing plans, EZ can help – we will provide you with an agent who will compare plans in your area for free. No obligation. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.
Did you take advantage of the Medicare Annual Enrollment Period (AEP), and review your plan, or even change it for next year? Great! The AEP is your opportunity to save some money and maximize your medical benefits for the new year. But what happens once the Medicare Annual Enrollment Period is over? When does your new plan’s coverage begin? And what happens if you don’t like your new plan? What if you missed the AEP altogether?
Your New Plan Begins…
If you made any changes, then your new plan will begin on January 1.
The Medicare AEP ended December 7, so now you are unable to make any changes to your Medicare plan until next year. If you did decide to change your plan before the AEP ended, your plan will not begin until January 1st. What does this mean for the plan that you have decided to drop? Don’t worry, your current plan will continue to cover you until the new plan kicks in on the 1st of the new year.
But What If…
You Are Unhappy With The Plan You Chose?
If you choose a plan and then decide that you’re not happy with it, you do have options. Specifically, if you chose to enroll in Original Medicare and buy a Medicare Supplement Plan alongside it, you have the option to change your Medicare Supplement Plan to a different one that better fits your needs within 30 days of your enrollment. After 30 days, you will be subject to medical underwriting and might have to pay more because of pre-existing conditions. Remember, there are 10 different Medicare Supplement Plans to choose from, so you’re sure to find one that is right for you – simply speak to one of our agents, who will help you compare them all.
If you missed the AEP, you will have to wait until the next AEP to switch plans, unless you qualify for a Special Enrollment Period (SEP), which will allow you to sign up for a Medicare health or prescription drug plan, or change plans outside of the AEP. A few situations that might make you eligible for a Special Enrollment Period include:
You moved out of your plan’s service area.
You moved into, out of, or still live in a skilled nursing facility, or another institution such as a long-term care hospital.
You left your employer-based or union-based health insurance.
You’re moving back to the United States after living outside the country.
Your plan is losing or ending its contract with Medicare.
In addition, during the Medicare General Enrollment Period and Medicare Advantage Open Enrollment Period from January 1 – March 31, you can drop your Medicare Advantage Plan (if you have one) and return to original Medicare.
Work With A Medicare Agent
There is no one-size-fits-all when it comes to Medicare coverage. You will need to review all available plans in your area and find one that fits your budget and your medical needs as much as possible for the new year. And if you missed the AEP, don’t worry: you don’t have to be trapped in a plan that isn’t right for you.
If you are looking for a plan, know that you have options, and that you don’t have to go it alone – EZ.Insure can help by providing you with a licensed agent to compare plans for you. Our agent will compare all available plans, review your specific needs, and find the perfect match that will provide the right amount of coverage, while saving you money. Our services are free and there’s no obligation. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.
