Medicare may seem complicated, but we are here to help. We can make sure that you are getting all the benefits available to you. There is no obligation to enroll and you can review your options and answer the questions you may have. It can seem a little overwhelming but we have put together this guide to help you avoid the 5 most common mistakes that people make during Medicare AEP.
The Annual Enrollment Period for Medicare runs from October 15th to December 7th every year. Often referred to as just AEP, this is the time when all Medicare recipients have the opportunity to reevaluate their current plan and make changes. Since plans change every year you may be able to get more affordable coverage, reduce out of pocket costs for prescription drugs, or get more coverage for a similar price. During this period it is always a good idea to review your coverage and make sure you have the benefits you need with the right pricing.
#1 Not reviewing your Medicare Annual Notice of Change
Don’t make the mistake of just renewing your plan without checking it over every year. If you have a Medicare Advantage Plan or a stand-alone Medicare Part D Prescription Drug Plan, you will receive a notice from your plan called the Annual Notice of Change (also called ANOC). This notice comes in September each year, listing any changes to cost, coverage, or the service area which will go into effect in January. Taking the time to read and review this notice since it will give you an idea of what kind of changes you may need when reconsidering you Medicare Plan.
#2 Not evaluating your Medicare Plan because you want to keep your same doctors
Some Medicare plans work exclusively with local networks, which means that the only doctors covered must be in that network. Unfortunately Medicare networks can and do change frequently. If keeping your doctors is important to you, it’s important to make sure the plan you choose includes those doctors and you may need to revisit your plan each year to make sure.