Medicare Annual Enrollment Period (AEP) Checklist

 

AEP runs from October 15th to December 7th each year.

1. Review Your Current Coverage

• Medicare Advantage Plan: If you're enrolled in a Medicare Advantage plan, check if your premiums, copays, deductibles, or coverage have changed.
• Prescription Drug Plan: Review your prescription drug coverage for any changes in costs or formularies.
• Medigap Plan: If you have a Medigap plan, assess whether it still meets your needs and if your premiums have increased.

2. Assess Your Health Needs

• Changes in health conditions: Have your health needs changed in the past year?
• New medications: Are you taking any new medications that might require different coverage?
• Upcoming medical procedures: Do you anticipate any major medical procedures or treatments?

3. Research New Plan Options

• Medicare.gov: Use the Medicare Plan Finder to compare plans based on cost, coverage, and provider networks.
• Insurance agents: Consult with a licensed insurance agent who specializes in Medicare to get personalized advice.
• Consider factors: Evaluate factors such as premiums, deductibles, copays, provider networks, and prescription drug coverage.

4. Compare Costs and Benefits

• Premium costs: Compare the monthly premiums of different plans.
• Out-of-pocket costs: Consider deductibles, copays, and coinsurance.
• Coverage: Evaluate the types of services covered by each plan, including doctor visits, hospital stays, and prescription drugs.
• Provider networks: Ensure that your preferred doctors and hospitals are in the plan's network.

5. Make a Decision

• Enroll in a new plan: If you decide to switch plans, enroll during the AEP to avoid any penalties.
• Keep your current plan: If you're satisfied with your current coverage, you can continue with your existing plan.

Remember: It's important to review your Medicare coverage annually to ensure you have the most appropriate plan for your needs and budget.

To review your current healthcare plan as well as your options for this upcoming Annual Enrollment Period. Click here and a licensed agent will be in contact. Remember all consultations are at no cost to you, and you are under no obligation to change your current plan or enroll.