Posted by Allen Heffler on 08/08/2014

Medicare Annual Enrollment Period is Coming- Five Things to Know

• If you enroll in a plan during AEP, your coverage starts January 1.

• In most cases, AEP is the only time you can pick a new/change Medicare Advantage or Medicare Part D plan.

• If you are currently enrolled in a Medicare Advantage, you can switch back to Original Medicare during the AEP. To get Medicare drug coverage, you must join a stand-alone Part D plan at this time. If you leave a Medicare Advantage Plan and go back to Original Medicare, you will want to consider a Medicare Supplement (also known as Medigap) Plan. A Medigap policy helps pay Original Medicare costs, but you may be limited in your ability to buy a Medigap during AEP, depending on where you live and your health status. For more information about purchasing a Medigap please click here.

• If you have Original Medicare, take a look at next year’s Medicare & You handbook to know your Medicare costs and benefits for the upcoming year. If you are unsatisfied with your Original Medicare coverage, you can make changes to your coverage during AEP. Changes made to your coverage will take effect January 1 of the next year.

• If you have a Medicare Advantage plan or a stand-alone Part D plan, you should receive important information from your existing plan concerning plan changes for the following year. Coverage does change from year to year, so it is important to review these changes to determine if you should stay with your current coverage or make a change.

• Even if you are satisfied with your current Medicare coverage, take action and look at other Medicare options in your area that may better suit your individual needs in the upcoming year. For example, even if you are satisfied with your current Medicare Advantage or Part D plan, you should check to see if there is another plan in your area that will offer you better health and/or drug coverage at a more affordable price. Research shows that people with Medicare prescription drug coverage (Part D) could lower their costs by shopping among plans each year.  For example, another Part D plan in your area may cover the drugs you take with fewer restrictions and charge you less.

• The website Medicare.gov is a great internet site to help you! The Plan Finder tool helps you compare plans based on the specific drugs you need, the pharmacy you go to and your drug costs.
• If you want to join a Medicare Advantage plan, call 800-Medicare to find out what plans are in your area. When you receive the list of plans, check the plan websites to see which best fits your needs. Need additional help? Call us at 215-658-1776.
• After you have researched a plan online, call the plan itself to confirm what you learned. Make sure the plan includes your doctors and hospitals in its network. Confirm that the plan covers all your drugs, and that your pharmacies are in the preferred network. Write down everything about that conversation. In your notes, record the date of the conversation, whom you spoke with, and the outcome of the call. This information may help protect you in case a plan representative gives you misinformation.

• This Medicare Disenrollment Period is from from January 1 to February 14.