For those of you currently enrolled in Medicare, an important time of year is approaching. Medicare open enrollment starts October 15 and runs through December 7th. This may also be referred to as the Annual Enrollment Period or AEP and it is at this time that you may elect to change your plan. How do you know if you wish to change your plan? Take the following steps:
- Review your Annual Notice of Change paperwork that you will receive in the mail by the end of September. Many people ignore this paperwork as it just seems like more junk mail. DON’T igonore it! There will be information in that paperwork outlining any changes in your plan from 2017 to 2018. Things like deductibles, copay amounts, even networks may have upcoming changes. As an insurance agent, I know these changes but can not share them with you until October 1st. That is why it is important to carefully review the Annual Notice of Change to ensure your plan will continue to meet your needs. Alternatively, call us to set up an appointment and we will be happy to discuss any changes with you after the October 1 date and before the end of Open Enrollement.
- After reviewing the Annual Notice of Change paperwork, if there are changes that affect you, you can consider changing your plan during the open enrollment period, October 15 till December 7, and the new plan would become effective January 1, 2018. Again, call an Agent who represents all plans in your zip code. For Tucson, we can help you will all Medicare Advantage plans and many Medicare Supplements.
- Finally, if you are in a Medicare Supplement and have a stand alone Prescription Drug Plan, you may consider calling an agent to review that plan. Often times new PDPs will cover your drugs differently, with lower co-pays or deductibles. These plans change every year and the time to change your plan will be from October 15 to December 7 with a January 1 effective date.
Taking a few minutes time to review your plan every year may save you money over the course of the next year.