Medicare: “You Should Know”
Did you know… that the professionals at Medicine Man can be a great resource for helping you find the most appropriate Medicare plan for your specific needs? That we will help you obtain the quotes necessary for you to make an informed final insurance decision? Stop in to discuss your Medicare insurance needs today. It’s completely free and no appointment necessary!
You can easily compare Medicare Part D Plans with the help of Medicine Man
- We have tools and staff to support your interest level in these Government sponsored health plans.
- Open enrollment support. The Annual Election Period (AEP) is an annual open enrollment period for Medicare Advantage and Medicare prescription drug coverage that takes place from October 15 to December 7 every year. During AEP, you may: Switch from Original Medicare to a Medicare Advantage plan. We welcome you to come see us for a Medicine Man Medicare Annual Election Period plan Checklist.
- Unless you qualify for a Special Election Period (SEP), you cannot make changes to your Medicare Advantage or Medicare prescription drug coverage outside of the Medicare AEP. However, if you are in a Medicare Advantage plan, you may dis-enroll during the Medicare Advantage Disenrollment Period and be returned to Original Medicare. This disenrollment period runs from January 1 to February 14. If you dis-enroll from a Medicare Advantage plan that included drug coverage, you will also have a Special Election Period to enroll in a stand-alone Medicare Part D prescription drug plan, which occurs at the same time as the Medicare Advantage Disenrollment Period, starting January 1 and ending February 14.
- For more information on how Medicine Man can help with Medicare plans check here.
To help you take advantage of this important opportunity to make changes to your Medicare coverage, here is a yearly AEP checklist:
- Confirm your eligibility
- Determine if your current coverage will still meet your needs and or review other coverage needs you may have.
Determine any impact to other coverage you may already have
- Shop for the best price for your coverage.
Keep the following in mind when shopping during this Annual Election Period:
- Provider networks — if there are certain doctors and pharmacies that you’d like to keep, make sure they are in-network for any Medicare Advantage plan you join, or you could end up paying more to use an out-of-network provider.
- Prescription medications — make sure any plan you’re considering covers all of the drugs you take. Medicare-covered drugs are often separated into different tiers, with higher or lower copayments/coinsurance depending on the tier they fall under. Keep in mind that the same drug may have different costs from plan to plan.
- Total cost-sharing expenses — when comparing plan costs, don’t just look at premiums, but at cost-sharing expenses as a whole. A plan with a lower premium may end up costing more overall if it’s offset by expensive copayments and deductibles or a high out-of-pocket maximum.
- Ratings — All Medicare prescription drug plans and Medicare Advantage plans are rated on a scale of 1 to 5 stars for quality and customer satisfaction, with a 5-star rating indicating excellence.
Medicare doesn’t have to be complicated, and, hopefully, this checklist gives you a good sense of steps you might need to take during the Annual Election Period. Of course, we are happy to answer questions you might have.