If you’re new to Medicare, then you may be feeling slightly overwhelmed about all of your different options. To clear up some confusion, let’s talk more about a common question that we get about the Annual Enrollment Period and what changes can actually be made.
What is the Annual Enrollment Period?
The Annual Enrollment Period (AEP) is the best time to make changes to your Medicare policy because there won’t be any extra fees attached. Taking advantage of the AEP is one of the best ways to make sure that you’re enrolled in the right Medicare policy and that you’re saving as much money as possible on your health insurance coverage.
Medicare evaluates its policies yearly and can make changes. If your policy has experienced any changes, it’s important that you make sure it’s the right option for you still.
During the AEP you can make big changes, such as switching from Original Medicare to Medicare Advantage, or switching from Medicare Advantage back to Original Medicare. You may also have the option of switching insurers as well.
You can also drop your current plan. For example, if you are enrolled in a Part D plan but find that it doesn’t cover what you need, you can choose to drop it completely and continue on without Part D or switch to a new Part D plan that provides the prescription drug coverage you need. You may also join a Medicare Advantage plan that has Part D prescription drug coverage included.
Why Is This Period Important?
Most people use the AEP because they want to save money by switching to a new policy or because their current policy no longer offers coverage that makes sense for their situation. So if you’re thinking about making changes to your Medicare policy, then it’s important that you speak with a professional who can provide you with more information and walk you through the various enrollment steps.
We understand that making Medicare decisions can be complicated, so we’re here to provide you with support and guidance. Reach out to Better Insurance Management during this AEP to ensure you have all the Medicare coverage you need!
