What’s the Medicare Annual Enrollment Period (AEP)?

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Annual Enrollment Period

What’s the Medicare Annual Enrollment Period (AEP)?

The Annual Enrollment Period is the time of year which usually occurs October 15th thru December 7th each year.  This is the time that Medicare beneficiaries can go from Original Medicare to Medicare Advantage plans, switch from one Medicare Advantage plan to another or switch their prescription drug plans.

How do people know if they need to change plans?

If you are in a Medicare Advantage Plan or Prescription Drug Plan, your plan will send you an Annual Notice of Change, usually in the fall.  This Annual Notice of Change (ANOC) will describe things such as increases in deductibles, coinsurance, coverage and cost.  You should review the changes and decide whether your plan will continue to meet your needs in the upcoming year.  If you don’t receive this document prior to October 15th you should contact your plan provider.

How often should you have your plan reviewed?

It is highly suggested that you have your plan and plan rate reviewed every year. You could be paying a higher cost for the exact same plan at another insurance company.

The monthly cost, or premium, of a plan doesn’t tell the full story of how much you’ll pay for your health care. Most important for someone who thinks they’ll be a heavy user of health-care services is the total out-of-pocket maximum.

This means adding up all possible costs, including monthly premiums, copays, coinsurance and deductibles, so you’re clear about what your total spending could be for a given year.

Also, you should look carefully at which drugs are covered under the plan you are considering for 2018 (check the plan’s formula) and make sure the drugs you need are on the list.

You can always start your investigation by using our anonymous Medicare Quoting tool. Get top insurance company rates side by side to compare.

Click here to compare Medicare Plan rates side by side – anonymously

Still have questions or just want a second set of eyes to look over your plan? We work with several of the big insurance companies and keep up on all of their changes. Call (toll free 855-205-4928) or stop by our office to speak to our Representative. There is no obligation and never a charge. We promise you won’t be just a number.

To schedule a FREE Consultation to have your Medicare Plan & Prescription Drug Plan reviewed

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Joe Garcia - CEO & Owner SMG Health Portage MI

Joe Garcia MBA, CLTC
President/CEO SMG Health
“Making Healthcare Easy”
1300 W. Centre Avenue
Portage, MI 49024
Toll Free 1-855-205-4928