Medicare’s Annual Election Period (AEP) creates a great opportunity for folks to make changes to their Medicare plans.
Will your current plan cover everything you need in 2022?
What changes can you make during AEP?
Losing your doctor? Want to change prescription drug plans?
Adam explains how important it is to have a complimentary plan review EVERY year. Now is the time to schedule your meeting with your advisor to make sure you are getting all the benefits you need.
Adam will go over more about this in this week’s episode of 65 and Counting.
Important information:
Workshop Schedule and Registration: www.123EasyMedicare.com
Call the office: 602-281-3898
Email Adam: Adam@AmericanRetire.com
Here we go again! Medicare’s Annual Election Period is just a few short weeks away! Find out all the important information you need to know about it, this week on 65 and Counting!
Welcome back everyone. I can’t believe it’s time again already to talk about Medicare’s Annual Election Period! Across the board, we’re all seeing advertisements running that are confusing and misleading! I’ve taken a number of calls recently of people asking about “re-upping” or “renewing” their plans. Some people want to change their plans, others wanting to review them, and some people don’t wanna do anything! And all of that’s ok! The most important thing is ensuring you’re on the correct plan for specifically you next year!
BUT before we get into all that… What the heck is this Annual Election Period or AEP everyone’s talking about and that’s keeping the hardworking folks at American Retirement Advisors so busy this time every year!? Well, it’s something we explain to Medicare eligible people every year…. Also, we explain it to all our family and friends so they understand why we’re pretty much living at the office for two months every year!
Annual Election Period is a time from October 15th through December 7th where medicare enrollees can make some changes! What kind of changes? Well, Medicare Advantage enrollees can either disenroll from their Medicare Advantage plan and change back to Original Medicare and a Medicare Prescription Drug Plan (and a Medicare Supplement plan if they can pass medical underwriting questions) OR change from one Medicare Advantage Plan to another. Additionally, Prescription Drug Plan enrollees can either disenroll from their plan and assign their medicare benefits to a private insurance company by picking up a Medicare Advantage Plan OR change from one Prescription Drug Plan to another.
You’re probably saying, “Ok, that’s great, Adam. I’m still not seeing why AEP is so important!” Well, i’ve said it before and I’ll say it again - AEP is important because while you, your drugs, your doctors, and your specific needs may not have changed over the last year, the plans change on YOU.
That’s right! The plan formularies, doctor networks, and benefits change annually. So while your plan might have been the most appropriate in 2021, it doesn’t mean it’s the right one for 22.
So what do good Certified Medicare Planners like us do? We compare your current needs and plan to all the plans available in your area for next year. If we find a plan that maybe covers your medications at a better cost, or you lose some doctors in your network and we find a plan that has all of them we’ll recommend a change! Then all it takes is a short appointment to get you all set up!
Any changes you make during the Annual Election Period take place on the first of the following year!
That’s AEP in a nutshell! I hope after watching this week's episode you understand a little more about what people are talking about on TV this time of year, when it comes to your Medicare! Again, remember this starts on October 15th and runs through December 7th with any changes you make taking effect on the 1st of January next year!
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