Medicare AEP Starts October 15: What Should You Review Before Making a Decision?

Posted by Richard Duran
Estimated Reading Time 1 minute 31 seconds

Medicare’s Annual Election Period (AEP) begins October 15 and continues through December 7. During this period, Medicare beneficiaries have an opportunity to review their current coverage and make certain changes for the coming year.

Even if you’re generally happy with your current plan, it’s worth taking some time to see what is changing. Medicare Advantage and Part D prescription drug plans can change their costs, formularies, provider networks, and benefits from one year to the next.

Before deciding whether to keep your current coverage or explore other options, review these important areas:

• Costs: Is your monthly cost changing for the new year? Remember to consider the total cost of your coverage rather than focusing on the monthly cost alone.
• Deductibles: Check the amount you may need to pay before certain benefits begin. A plan with an attractive monthly costs could have other costs that affect your overall healthcare spending.
• Copays and coinsurance: Look at what you will pay when visiting your primary care physician, specialists, urgent care centers, hospitals, and other providers. If you regularly use certain healthcare services, even relatively small copay changes can add up.
• Prescription drugs: Review your medications carefully. Is each prescription still included on your plan’s formulary? Has it moved to a different tier? Check for changes to deductibles, copays, prior authorization requirements, and preferred pharmacies.
• Provider networks: Don’t assume that your doctors and hospitals will remain in-network next year. Verify the participation of your primary care physician, specialists, preferred hospitals, and other important providers.

You should also read the Annual Notice of Change sent by your current plan. This document explains many of the changes taking effect in the new year.

Reviewing all of these details can feel overwhelming, but you don’t have to navigate AEP by yourself. Medicare beneficiaries can consult with a licensed insurance broker for guidance at no cost regarding their coverage options. A licensed insurance broker can help you review available options and understand how differences in costs, prescriptions, providers, and coverage may affect you.

As Medicare AEP gets underway, contact our licensed insurance brokers. We’ll help you review your current Medicare coverage, explore your options, and make an informed decision for the year ahead.