AEP Tips to Keep in Mind When Shopping for Health Plans
Stuck with your boring old health plan? Not getting the benefits you want? Looking for something a little cheaper that can fit your budget? Is your plan just not working? With the Annual Election Period (AEP) right around the corner, it might be time to start thinking of a new health plan. We are back to give more helpful tips for a great AEP this season.
It’s important to review your plan with your agent, due to Medicare being difficult to understand at times. Some plans might have left your area, and new plans might have come in. Common changes to plans for the year may include changes to the prescription drug formulary, premiums, co-pays, and deductible cost cost-sharing. Other changes to plans can be in the network and your favorite doctor can leave or join a new network. By checking network coverage in your area you can decide if a far drive is worth it or not or if you would like your doctors to be relatively close.
Remember you can do the following things during AEP:
- Change to a Medicare Advantage plan from Original Medicare, Part A, and Part B.
- Changing from a Medicare Advantage plan to Original Medicare, Part A, and Part B.
- Change from one Medicare Advantage plan to another (regardless of whether either plan offers drug coverage).
- Enroll in a Part D prescription drug plan.
- Change from one Medicare prescription drug plan to another.
- Opt out of Medicare prescription drug coverage completely.
The changes you make during the AEP go into effect at the first of the new year. With so many different types of changes available, be sure to not act too fast before looking at all your options. If you have some time research the plans and talk it out with your agent. Calling your doctor can also help you make a choice that would keep you in their network. When it comes to cost, are you more comfortable paying a higher premium or Out of pocket cost? These type of questions will help you make the best decision for yourself instead of being stuck with a plan that a random agent suggested to you. Whatever you choose remember to do what’s right for your needs and lifestyle in mind.