It’s that time of year again when the annual enrolment period starting October 15th and continues through December 7th, is upon us. It is the right opportunity for current Medicare beneficiaries to change coverage if required. During the Medicare AEP, you can alter your coverage under specific programs of Medicare Advantage and Prescription Drug Plans.
You can opt for Medicare supplement insurance plans throughout the year. But prior to that, you need to focus during AEP to switch your previous Medicare Advantage plans or prescription drug plans and enter into something better that suits your conditions.
If you don’t monitor these plans during the AEP, then the existing plans will likely be much different in pricing as you enter into the next year, which could also burn a significant hole in your pockets.
Here are a few things to think about and that you should do to prepare for Medicare AEP:
- Analyse your existing coverage thoroughly
Take some time to consider and weigh the pros and cons of the previous plan. List down the expenses you incurred in the past year and find the time taken to pay your claims. Were the costs worth the healthcare you received?
2. Note the changes in medication or health that could impact your plans.
Check on your previous medications and prescriptions your doctor has suggested for your future health. Is it necessary for you to go for Medicare supplement insurance plans or you will go with your original plan? Your assessment will determine your next move and the healthcare coverage you should choose.
3. Compare the pricing of different plans.
There are several plans and programs when it comes to select for your coverage, such as high-risk life insurance, Medicare Advantage plans, Medicare prescription drug plans, etc. Assess the kind of Medicare beneficiary you are, and decide your preferences to pay the premiums. You could opt for a lower monthly premium, or take high-risk options of payment. Your affinity for payment plans will help you decide the better plan for your needs.
4. Prepare a list of all your medications.
It is essential to list all current medications based on their frequency and dosages. Analyze the kind of coverage necessary for your wellbeing. Check in with your Medicare AEP if the plan covers the prescriptions or medications.
5. Think big picture
With your current scenario of medications, it is essential also to estimate and assess plans that can cover your other medical expenses like dental or vision care. A robust plan coverage might work better for your needs in the long run. Research on all the available options and then enrol yourself with a proper Medicare plan.
6. Seek help from Medicare Advisors
After getting yourself painted with a pretty picture of your healthcare needs it is time for you to seek proper help and guidance from Medicare advisors who can analyse your case and select the best coverage within your budget. You even get to see cheap life insurance online, but these advisors have access to all the plans and companies, which will ensure you go for the best plan at the best price.
Don’t wait, and act fast with these mentioned tips or you would end up in a plan with a much higher premium in your coverage if you miss the Medicare AEP window.