Every year between October 15th and December 7th is known as the Annual Enrollment Period (AEP) in the Medicare world. During this time, you have the opportunity to change your Medicare Advantage Plan and your Medicare Prescription Drug Plan (Part D) for the upcoming year. You should re-evaluate your plans and make any necessary changes for 2020.
Here are a few things to consider when reviewing your Medicare plan:
- Check your provider network. Are my doctors still going to be in network?
- Check your prescription drugs to make sure they are covered under the plans formulary.
- Will my copays, premiums, coinsurance and deductibles increase for next year? Make sure your plan has a low out of pocket cost.
- What is my plan’s star rating? A plan is rated 1-5 depending on overall quality and customer satisfaction.
Do you need help reviewing your plan this AEP? Don’t hesitate to call me at (336) 408-9402 or email [email protected].
Evaluating your Medicare Advantage Plan
If you have a Medicare Advantage Plan, it’s important to review the Annual Notice of Change (ANOC) letter you receive every year in September. This letter outlines all the changes that will occur within the plan for the upcoming year.
It’s important to review this because some of the benefits that were important to you last year may be changing for the New Year. Keep in mind plans change from year to year.
You can make changes to your MA plan during AEP. You can switch…
- From Original Medicare to a Medicare Advantage plan
- From a Medicare Advantage plan back to Original Medicare
- From a Medicare Advantage plan to a new Medicare Advantage plan
- From a Medicare Advantage plan that doesn’t have prescription drug coverage to one that does or vice versa
Largent Insurance will work with you to evaluate your options and help find the right plan for you. Contact us today at www.largentinsurance.com.
Evaluating Your Part D Drug Plan
Similar to MA plans, your Prescription Drug Plan (Part D) can change from year to year. For example, the price may go up or the plan benefits may change. During AEP, you can switch to another Prescription Drug Plan, enroll in a stand-alone drug plan, or drop the Part D coverage you have.
I always recommend you do a drug comparison from plan to plan before you make any changes. If you need help with that please call us today at (336) 408-9402 or get in touch online.
Do an Annual Review with a Licensed Insurance Agent
It’s very common during the annual enrollment period to meet with your insurance agent to do an annual review. They can help make any necessary changes to your Medicare plan, prescription drug coverage, and life and health insurance plans. At Largent Insurance, we offer free policy reviews for all types of insurance.
As an Independent Insurance Agent, Marc Largent has been helping families in Winston-Salem, Greensboro and High Point and elsewhere in North Carolina find insurance coverage since 2015. Our top priority is customer care and treating others like family.
