Medicare Health and Drug Plans have an Annual Enrollment Period that runs from Oct 15th- December 7th each year. Finding a plan can be confusing, time consuming, and overwhelming.
What is AEP?
AEP stands for Annual Election Period. The Annual Election Period (AEP) is the time of year when a Medicare benificiary can make plan changes. During AEP the plan benefit changes for the next year are released, allowing Medicare beneficiares to evaluate and ensure they are electing a plan that is best suited for their needs.
What is a Medicare Advantage Plan?
Medicare Advantage Plans are a way to get your Medicare part A (Hospital Coverage) and part B (Medical Insurance coverage). These are sometimes called Medicare part C, or “MA” plans. Private companies offer an “All-in-One” alternative to Original Medicare. These Medicare Advantage Plans usually also include Medicare drug coverage (Part D).
These plans set a limit on what you’ll have to pay out of pocket each year to cover costs to help protect you from unexpected losses. Many times these plans will also include coverage for things like vision, hearing, dental and fitness programs. They can also offer over the counter benefits that promote health and wellness.
What healthcare plan should I choose?
Finding a plan that fits you and your needs is important. You want to have the confidence that you are fully covered for your medical needs, especially in the event you become seriously ill or injured.
7 things to consider
- How often do you visit your Doctor?
- What suits your budget, lower monthly premiums or lower medical costs?
- Do you have any chronic diseases?
- What prescription drugs are you taking now?
- Is your pharmacy in your drug plans network, and can you get your medications delivered to your home?
- Are you comfortable with your doctor and the selection of doctors you would see?
- How often do you travel and what will Medicare cover?
These are just several factors to take into account when comparing plans and deciding which is right for you. Available plans will vary by location; states and counties. You’ll want to speak to a licensed insurance agent or Broker.
At Southwest Medical Center, we are here to help you learn more about Medicare. We can help talk about your benefits and/or put you in contact with a licensed agent or broker.