by Cristina Sibley, Sibley Insures Medicare Specialist
Now that Halloween is behind us and visions of Thanksgiving are ahead, there’s still one ghoul left to deal with, Medicare Annual Enrollment. As if anyone who is Medicare age or reaching it could ever forget; the reminders are everywhere! There are so many options that people can feel a bit overwhelmed or don’t know where to start. In order to help bring a little clarity to the chaos, here’s few important things to know or consider this season:
Why all the fuss and hype?
Annual Enrollment Period (AEP) lasts only 7 weeks. It opens October 15th and the last day to enroll is December 7th. In other words, it’s here and gone before you can say pass the pumpkin pie and agent/broker schedules can be filled a week or two in advance.
Changes made during this period take effect January 1st and generally last the entire plan year.
This is the only time of the year that most people can make a change in their prescription drug plan (part D).
This is the only time of year that most people on original Medicare can choose to enroll in a Medicare Advantage plan (part C). This is also the time of year most people on a Medicare Advantage choose another Medicare Advantage plan.
What if I like my plan and my needs haven’t changed?
Your existing plan may not be exactly the same from year to year (Really? Yes, really).
When reviewing your plan each year, will all your medications continue to be covered next year? At the same tier level? Are there any increases or decreases in premiums, copays, co-insurance, or deductibles?
Will your advantage plan change or add new benefits/services? Look for documents in the mail from your plan, starting October 1st, that highlight any upcoming plan changes.
Quality takes time, start early!
Have a list of your needs and medications ready and available. Enter and save your medication list to Medicare.gov for easier comparison between plans.
Make an appointment with your agent or broker right away for a face to face, virtual, or a phone meeting. Enrollments can be completed either way in 2020, but schedules can fill up quickly.
A thorough explanation and understanding of your options is important. You will want time to ask questions, get clear answers, decide, and enroll.
You may change your mind about your plan selection later. Now that Halloween is behind us and visions of Thanksgiving are ahead, there’s still one ghoul left to deal with, Medicare Annual Enrollment. As if anyone who is Medicare age or reaching it could ever forget; the reminders are everywhere! There are so many options that people can feel a bit overwhelmed or don’t know where to start. In order to help bring a little clarity to the chaos, here’s few important things to know or consider this season:
Why all the fuss
and hype?
*Annual Enrollment Period (AEP) lasts only 7 weeks. It opens October 15th and the last day to enroll is December 7th. In other words, it’s here and gone before you can say pass the pumpkin pie and agent/broker schedules can be filled a week or two in advance.
*Changes made during this period take effect January 1st and generally last the entire plan year.
*This is the only time of the year that most people can make a change in their prescription drug plan (part D).
*This is the only time of year that most people on original Medicare can choose to enroll in a Medicare Advantage plan (part C). This is also the time of year most people on a Medicare Advantage choose another Medicare Advantage plan. (story continues below)
What if I like my plan and my needs
haven’t changed?
*Your existing plan may not be exactly the same from year to year (Really? Yes, really).
*When reviewing your plan each year, will all your medications continue to be covered next year? At the same tier level? Are there any increases or decreases in premiums, copays, co-insurance, or deductibles?
*Will your advantage plan change or add new benefits/services? Look for documents in the mail from your plan, starting October 1st, that highlight any upcoming plan changes.
Quality takes time, start early!
*Have a list of your needs and medications ready and available. Enter and save your medication list to Medicare.gov for easier comparison between plans.
*Make an appointment with your agent or broker right away for a face to face, virtual, or a phone meeting. Enrollments can be completed either way in 2020, but schedules can fill up quickly.
*A thorough explanation and understanding of your options is important. You will want time to ask questions, get clear answers, decide, and enroll.
*You may change your mind about your plan selection later. Meeting early in the season gives you the opportunity and time to make changes before the December 7th deadline.
Know your agent or broker and put
them to work!
*If you work with an agent or broker let them do the hard stuff, that’s what you have them for. Let them do the research and bring several choices, that fit your situation, back to you. Once your decision is made, they fill out the paperwork or do the computer work, so you can relax. Many will also serve as your advisor and liaison with your plan through the year. They’ll help you handle questions on the phone or even in person, whenever you need them.
*An agent/broker has a state license and specialized Medicare training and testing over regulations and products, updated annually. They are professionals who are there to help you make sense of it all. If you have an agent/broker, ask for several cards and/or ask them to program their phone number into your cell phone.
*A broker is contracted with multiple insurance companies. They service their client across companies and can directly compare companies for the client. If their client decides to change insurance companies or have a drug plan with one company and a supplement with another, for example, they can stay with the same broker.
Last, but not least, protect your interests and information!
*Be wary of unsolicited Medicare phone calls.
*Don’t give sensitive personal information, such as your social security number, over the phone. Social security numbers are not required or allowed for Medicare drug plan or Advantage plan enrollments.
*It is perfectly fine and should be welcomed to have a trusted friend or family member at your appointment with an agent/broker. If you don’t have an agent/broker, ask a friend or family member to refer you to one they know and trust.
*Remember, ethical and regulation compliant agents/brokers will NOT use high pressure or scare tactics.
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