The Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7, is here. With it comes a wave of changes that could make this year one of the most challenging yet for beneficiaries. But navigating AEP doesn’t have to be stressful.
Here’s how you can prepare and make the most of this crucial time:
- Review Your Current Plan
Start by reviewing your Annual Notice of Change letter, which arrives in September. It will outline key changes to your current plan, including costs, doctor, pharmacy networks and other additional benefits. Knowing these changes can help you decide whether your current plan still meets your needs.
2. Compare Your Options
Medicare Advantage and Part D prescription drug plans can vary significantly. Use this time to compare plans and assess how they meet your prescription needs, preferred doctor networks, medical facilities and budget. Doing so could save you money and ensure you’re getting the coverage that best fits your health and financial situation.
- Use Available Resources
If comparing plans feels overwhelming, there are resources available to help. Platforms like eHealth provide easy-to-use tools that allow you to compare a wide range of plans from top insurance companies, both online and over the phone. According to a recent study of 67,884 user sessions nationwide, eHealth found that Medicare Advantage enrollees who compared their current Medicare Advantage plan with available 2024 plans using eHealth’s platform could be saving an average of $1,100 per year on medical bills and prescription drugs with a lower cost plan.
- Get Help from a Professional – For Free
Licensed insurance agents can provide personalized assistance at no cost to you. They’re knowledgeable about different plans and can help match you with one that suits your needs. An eHealth survey of more than 2,100 Medicare Advantage enrollees conducted in March found that beneficiaries who work with an agent feel more confident in their choice, with 66% feeling “very confident” in their plan selection. And remember, agents are paid the same for similar plan types and there is no obligation to enroll. Their goal is to help you find the best fit for you.
- Don’t Procrastinate
It’s tempting to delay deciding, but waiting until the last minute can lead to rushed choices that may not be in your best interest. Schedule time early in the AEP period to review your options, consult with an agent if needed, and make a confident decision.
This year, tackle your insurance plan coverage with confidence.
By: Brandpoint
