Medicare Enrollment: Tips for the Upcoming AEP
As the Medicare enrollment period approaches, it’s important that you are prepared for the enrollment periods and deadlines. Ultimately, you must find a plan right for you. Today, we will share tips and information you will want to know before the AEP begins.
Annual Enrollment Period
The AEP begins on October 15th and ends around December 7th each year. If your healthcare needs change like they often do, this is the time to act. During the enrollment period, if you are enrolled in Original Medicare, you will be able to do a few things. For instance, you may wish to switch to an MA plan. You would also be able to enroll in, disenroll, or switch to a different Medicare Part D plan. MA plans, referred to as Medicare Part C, can offer the same coverage as Medicare Parts A & B.
Special Enrollment Period
Besides these periods, you will not be able to get new coverage, except for Special enrollment periods. A SEP is a time outside the Open Enrollment Period when you can sign up for insurance. To qualify for a SEP, certain life events must occur, like losing health coverage, moving, getting married, having a baby, or adopting a child. SEPs usually last around 60 days following an event, so you must act quickly. Your initial enrollment period is also available. This period is seven months long and begins three months before you turn 65 and three months after.
Things to Remember When Choosing Plans
When choosing a plan, ensure you understand everything from benefits to your drug coverage. By knowing what you want in a plan, you can reduce the time it takes you to choose by a good amount. It can also make sure there are no holes in what your health needs or the need to worry about switching your plan later on. If this seems confusing, as it often is, it might be a good idea to get in contact with an experienced insurance agent. They will be able to help you find a plan that is right for you based on your needs while retrieving the right help you need, such as subsidies if you qualify. Finally, ensure your coverage is in your area.
Would you rather have a plan where you can go to more places for more money? Would you rather have one central place where you get charged a low fee? These are all important questions. What fits you the best is entirely your decision, and at the end of the day, you want what’s best for you.
Have Health Insurance Questions?
We hope that this information on the Medicare enrollment period is helpful for you.
Insurance is oftentimes overwhelming, and we want to shed light on the industry by answering your questions. Comment below and your question may be the topic of our next post!
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