When is the Medicare Annual Election Period (AEP)?
Medicare Annual Election Period (AEP) is coming up soon! If you’re not sure what that means, or if you need to make changes to your coverage for 2023, don’t worry. We’re here to help. In this blog post, we’ll go over everything you need to know about Medicare AEP: when it starts, what costs are associated with it, who is eligible, and more. Plus, we’ll provide some tips on how to get the most out of your coverage. Keep reading for all the details!
When does the 2023 Medicare AEP begin?
The Medicare AEP for 2023 begins on October 15th and runs through December 7th. Coverage begins on January 1st, 2023. During this time, you can change your Medicare Advantage or Part D prescription drug plans for the upcoming year. You can also switch from Original Medicare to a Medicare Advantage Prescription Drug Plan
It is advisable to have your medications reviewed each year during the Annual Election period with the plans that will be available for the following year. You may pay for the medications you are taking by staying in the same prescription drug plan. The carriers change their formularies, their tiers and the pharmacies also change from preferred to non-preferred. All of this can impact your costs.
What can you not do during the Medicare Annual Election Period (AEP)?
If you’re not sure what changes you can make during open Election, let’s visit. I can help you understand your options and make the best choices for your unique situation.
What are the costs associated with Medicare AEP?
There are no costs associated with the Medicare AEP itself. However, if you decide to make changes to your coverage, there may be some costs associated with those changes. For example, if you switch from Original Medicare to a Medicare Advantage plan, or switch Medicare Advantage plans, you may have to pay a monthly premium for your new coverage, depending on the plan chosen. Or, if you enroll in a Part D prescription drug plan for the first time or change your prescription drug plan, you’ll likely have to pay a monthly premium for that coverage as well.
Who is eligible for Medicare AEP?
Most people who are currently enrolled in Medicare are eligible to participate in AEP. This includes people who have Original Medicare, as well as those who have a Medicare Advantage plan or a Part D prescription drug plan. If you’re not currently enrolled in Medicare but think you may be eligible you can contact the Social Security office or the Medicare website. However, if you contact me, it is quicker, easier, and more thorough. I would love to walk you through the process
What are some tips for getting the most out of Medicare AEP?
There are a few things you can do to make sure you get the most out of Medicare AEP.
Be on the lookout for my email and respond with your updated medication list by October 15, 2022, so I may review your medications with the plan options available for 2023.
This is the time that I review all my client’s medications with the options available for 2023. If a plan is still the optimal plan for the client, then I would advise staying in that plan. If another plan shows to be more advantageous for the client, then I would advise moving to that plan and I would help with the enrollment.
We hope this blog post has been helpful in getting you ready for Medicare AEP. If you have any questions, please feel free to reach out to us. We’re always happy to help.
If you are new to Medicare and don’t know where to begin, please reach out to me. I can assist with a timely enrollment process to enroll in your Medicare A and B as well as educate you on the options for your secondary insurance.
Hilgerman Insurance Solutions of Camarillo is an independent insurance agency that specializes in the senior market, while offering health insurance solutions for small businesses and individuals. We are contracted with most of the top insurance providers to offer you plans that best suit your needs, all with personal hands-on service and support.
Our commitment is to provide expertise, friendly service along with a timely response. Please feel free to contact us today for a quote and/or no cost consultation.
Hilgerman Insurance Solutions
(805) 279-5482
deb@hilgermanins.com
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