So you’ve heard of something called the Medicare Annual Enrollment Period (AEP). But what is it? You know it must be pretty important because you’re getting a whole lot of junk mail about it. And there’s a never-ending parade of fading TV stars and retired pro athletes selling some kind of Medicare plan during every commercial break. Clearly, this Annual Enrollment Period is important to somebody. The question is, why should it be important for you?
Sowhat isthe Annual Enrollment Period?
The Medicare Annual Enrollment Period takes place from October 15 to December 7 each year. It is most crucial for people who already have Medicare. But here’s why it matters to you. Your healthcare needs change from year to year, so do Medicare plans and what they cover. The Annual Enrollment Period is when you can adjust to those changes, maintaining your coverage and financial security year after year. So while you’re choosing your first Medicare plan, be aware that you will have the opportunity to make changes. Thanks totheAnnual Enrollment Period, you’re not stuck with the same plan forever.
New to Medicare? Perfect timing!
If you’re just about to become eligible for Medicareand this is your firstAnnual Enrollment Period, congratulations on your perfect timing. Shopping for a Medicare plan used to take days, even weeks of research. Then you had to enroll in your plan by phoneor fill out forms and send themin by mail, email orfax. Now there is a free website calledHealthpilotthat helps you find the right Medicare plan for your specific healthcare needs and enroll online in a matter of minutes.
Medicare Plan Basics.
Before we get into what you can do duringtheAnnual EnrollmentPeriod,here’s a quickbreakdown of the types of Medicare plans.
Original Medicare.
Put simply, Original Medicare refers to Medicare Part A and Part B. Part A covers hospital care and services, while Medicare Part B covers physician services and other outpatient treatments.
Medicare Advantage.
Also known as Medicare Part C, Medicare Advantage is an “all in one” alternative to Original Medicare. This includes coverage from Medicare-approved private insurance companies. Medicare Advantage offers all the services covered underPart A and Part Band may also include Medicare Part Dprescription drugcoverage, as well as extra benefits like dental and vision care.
Prescription Drug Plans.
PrescriptionDrugPlans,also known asMedicare Part D,areoptional and offered to everyone with Medicare.You can get a prescription drug planas a separateplanor bundled with a Medicare Advantage Plan.
Now, here’s what you can do duringtheAnnual EnrollmentPeriod:
- Switch from Original Medicare toa Medicare Advantage Plan.
- Switchfrom a Medicare Advantage Plan to Original Medicare.
- Switch from one Medicare Advantage Plan to another.
- Enroll in aPart DPrescriptionDrugPlan.
- Switch from onePart DPrescriptionDrugPlan to another.
- LeaveaPart DPrescriptionDrugPlan.
Whyshopping for plansduringthe Annual Enrollment Periodissoimportant.
Even if you’re new to Medicare, it’s never too early to understand the importance of reviewing your options for Medicare plans every year. Why is it so important? Because things change.
Every year, you will receive an Annual Notice of Change letter listinganychanges to your Medicare plan.Yourcoverage can change. Your premiums may increase.One or more ofyourdoctorsmay no longer be in-network for your Medicare Advantage Plan.Yourprescription drug plan may no longer coverthe medicationsyou need.You may have an opportunity to save money while keeping the same coverage. Or your healthcare needs may have changed, requiring you to seek better coverage for a new condition.
The Annual Enrollment Periodisyour best opportunitytoexplore your Medicareplanoptions and see if there’s abetter plan for your specific needs.Unfortunately,too many of thoseeligible for Medicare don’t shop around for Medicare plans, missing out on potential savings.
Healthpilotmakes Medicare(andthe Annual Enrollment Period)easier.
If all this information is a bit overwhelming,don’t worry.Healthpilotis a free*website that makes finding the right Medicare plan — and having the right plan for your needs every year — a lot easier.If you find Medicare andthe Annual Enrollment Perioda little confusing (and who doesn’t?), you canmake Medicare easier right now withHealthpilot.
Yousimplygo toHealthpilotand answer a few questions — your zip code, doctors, and prescriptions. Next, Healthpilot recommends plans that offer the best coverage for your specific needs. Then you can compare plans and enroll in the Medicare plan that’s right for you without leaving Healthpilot.
Healthpilot makes it easy to understand plan details, benefits, and the true costs of each plan. There are no sales pitches and no pressure to buy any plan, ever. And, if a plan that may be better for you becomes available, Healthpilot will let you know. That helps you make sure you have the right plan year after year.
Whatthe Annual Enrollment Periodisn’t.
Let’s clarify one thing. This is not designed to be the first time you enroll in Medicare. There is already an enrollment period for that with an equally catchy name. The Initial Enrollment Period (IEP) is a 7-month period that starts three months before you turn 65 or first become eligible for Medicare Parts A & B and ends three months after.
About“Medigap.”
You may have heard of another kind of Medicare coverage called Medicare Supplement Insurance or Medigap. Medicare Supplement Insurance works alongside Medicare Parts A and B and helps pay your portion of medical expenses like copays, deductibles, and coinsurance. These policies are offered by private insurance companies to supplement Original Medicare coverage. Some Medicare Supplement Insurance policies also cover care when you travel outside the U.S.
It’s important to know that the best time to get a Medigap policy isduring yourMedigap Open Enrollment Period (OEP).Your Open Enrollment Period startswhen yourMedicarePart B coverage goes into effect and ends six months later.If youapply for Medigapafter yourOpen Enrollment Period,yourpremiums mayincrease,oryoumay be denied Medigap coverage completelybecause ofyourhealth status.
Learn more about Medicare.
If you’renewtoMedicare,Healthpilotcan help you get caught up. Check out ourMedicare Basics. It pays to have a basic understanding of the kinds of Medicare plans, the enrollment periods, and how to avoid higher premiums or penalties. But you don’t have to become a Medicare expert.Healthpilotcan save you hours of research byzeroing inonthe best available plans in your area for your specific healthcare needs.Andif you’re getting close totheAnnual Enrollmentdeadline ofDecember7,rest assured that withHealthpilot,you can quicklyreview plans,make your choiceand enroll online.
*Healthpilot.com is free with no obligation to enroll. Healthpilot is not connected with or endorsed by the U.S. government or the federal Medicare program. Healthpilot.com is owned and operated by Healthpilot Technologies LLC, a licensed health insurance brokerage, also doing business as Healthpilot Insurance Services in the state of California. This isa solicitation of insurance.