30 Second Insurance Tips©

Tip 238- Mom Needs A Bigger Mailbox

If you are Medicare eligible, you recently received a “handbook” entitled “Medicare & You 2016.” It’s just 162 pages. Missed it? Read it here.Your mail has probably also included information from your health insurer about important changes to your coverage; e.g., premium increases, changes to the provider network or drug formulary.

And then there’s the correspondence from other insurers; how do their plans compare to what you already have?

It would be tempting to just ignore so much information. That could be a costly mistake.

This is top of mind because the Medicare Annual Election Period (AEP) just started; it runs from October 15th through December 7th.

During the AEP, you are allowed to make changes to various aspects of your coverage, such as switching from ‘original’ Medicare to Medicare Advantage. Or, switching from one Advantage Plan to another. You can also switch Medicare Part D (prescription drug) plans or, if you didn’t enroll when first eligible, sign up now (although a late penalty may apply).

It’s a confusing time for consumers. And, a busy time for the agents and brokers who help sort it all out!

P.S. Some of those agents are especially knowledgeable and easily found here.