While there are multiple Medicare Enrollment Periods, one of the most important is the Annual Enrollment Period. If you are already enrolled in Medicare and want to change your coverage, you can only do so during the Annual Enrollment Period. Deciding what coverage to change can be daunting. At Generations Insurance, we’re here to help Medicare-eligible people of Idaho Falls. Read on to learn more about how to prepare for the Annual Enrollment Period.
What the Annual Enrollment Period Is
The Annual Enrollment Period is the part of the year in which you are allowed to make changes to your Medicare coverage if you are already enrolled in Medicare. It occurs from October 15th to December 7th.
The purpose of this enrollment period is generally for people who are already enrolled in Medicare and Medicare Advantage to change their Medicare Advantage plans. This includes disenrolling from one, enrolling in a new one, or changing your Part D plan. To be more specific, during the Annual Enrollment Period, you can:
- Disenroll from Medicare Advantage and enroll in Original Medicare, or vice versa
- Change your Medicare Advantage Plan
- Add or disenroll from a Part D plan, or change from your existing plan to another
Who is Eligible for the Annual Enrollment Period
The Annual Enrollment Period is not for people who are not yet enrolled in Medicare. You have to already be enrolled in Medicare in order to participate.
How to Prepare for the Annual Enrollment Period
The Annual Enrollment Period purposefully occurs from October 15th to December 7th. This is because it follows the Annual Notice of Change Letters. This letter is released in September of each year. It tells Medicare recipients about the changes in their coverage for the next year. Some of these changes could include changes in your premiums, changes in the drugs included in your drug formulary, and changes in your network.
To prepare for the Annual Enrollment Period, there are a number of steps you can take.
- Read the Annual Notice of Change Letter.
- Make a list of the changes that may affect you such as monthly premium changes, drug formulary changes, your doctor’s network, your predicted annual medical costs, and whether your Medicare Advantage plan (if applicable) will include vision, dental, and hearing benefits.
- Decide whether you want to change your plan based on the predicted changes listed in the Annual Notice of Change Letter.
After you make a list of these changes to prepare yourself, come talk to us at Generations Insurance. We can help our Medicare recipients in Idaho Falls choose the best plan for them. Of course, you don’t have to wait until you’ve already reviewed the Annual Notice of Change Letter. We are happy to sit down with you in our Idaho office to help you review how the changes will affect you.
To get started, contact us today!
