30 Second Insurance Tips©

Tip #285- What Is The Medicare AEP?

Saturday (October 15th) is the start of the Medicare Annual Election Period (AEP). Through December 7th, individuals already enrolled in Medicare and supplemental health plans, have the opportunity to make certain changes.

 

Here are just a couple of common examples.

 

If you have a Medicare (Part C) Advantage Plan, your insurer may be making (usually) small changes to premium or plan design. During the AEP, you may switch Advantage Plans and insurers.

 

You have an Advantage Plan but now want to consider returning to original Medicare (Part A+ B) and a Supplemental Plan. Actually, you may do that any time but only if you are able to answer the insurer’s medical – “gatekeeper” – questions.

 

One more.

 

In recent months, you’ve started taking new medications. It looks like another insurer’s Part D drug plan will now be a better fit. During the AEP, you may also make changes to your Part D coverage.

 

Plenty of options. Plenty of time. If you get started now!