Written by Nathan Callahan, Agent, Rosenbauer Insurance Agency
When is the Medicare's Annual Enrollment
Period?
The Annual Enrollment
Period or AEP is a period of time during the year in which Medicare
beneficiaries are able to enroll in Medicare Advantage and Prescription Drug
plans. In 2014 this occurs from October 15-December 7. Typically, NO
changes can be made past December 7 for the 2015 year.
If you are already
enrolled in or would like to join one of these plans, then this is a very
important time of year for you. These health and drug plans may change their
benefits, premiums or coverage areas on an annual basis so it's vital to review
your plan during this time to ensure it's still the right fit for you.
During the last year have
you changed the prescription medications that you take or been diagnosed with a
new medical condition?
If so, your current plan
may no longer be meeting your needs, or, you may qualify for a plan with more
generous benefits. It is recommended that you read carefully you annual
notice of change letter, or even better, schedule a review with your insurance
professional to make sure your plan is going to meet your needs in the upcoming
year.
Is your current health
or drug plan changing for next year? How will you know?
Health and drug plan
sponsors are required to send an Annual Notice of Change letter by October 1,
2014 to current members that details any changes the plan will be undergoing
for the next calendar year. The costs of your plan could go up or down and the
formulary (list of covered drugs) can change. Co-pays can also change from one
year to another. Sometimes plans change the entire benefit structure or even
stop offering coverage altogether.
Because of these changes
it's important to stay up to date with your plan and if necessary switch to
another plan that better suits you. We can help you compare plans in your area
and enroll you in a plan if you choose. Just call or email us to get started.
For more information, visit www.RosenbauerAgency.com
