Medicare AEP occurs from 15th October to 7th December every year and it is generally the time of the year when Medicare beneficiaries can make changes to their Medicare coverage. There are many benefits of AEP. It is a great time to reevaluate your current as well as future health care needs and make sure that your Medicare plan is good for the following year. During AEP, it is highly recommended that you explore your Medicare options as it will allow you to find a plan that better aligns with benefit features and coverage that are most important to you for the following year and potentially saves you money in the process.
If you are a Medicare member, then you have probably heard of AEP, which occurs annually every fall from 15th October to 7th December. Medicare AEP is one time of the year when you can make changes to your Medicare prescription drug coverage and health plans for the following year.
Why You Should Have a Medicare Advisor to Talk to During AEP?
If you are on Medicare, then you know how stressful it can be. Especially during AEP (Annual Election Period), you need all the help you can get in order to make an informed decision regarding your Medicare coverage. That’s where the help of Medicare advisors becomes invaluable.
You might have heard about the Blue Cross and Blue Shield health insurance organizations. The federation has
about 36 units all over the United States with the main focus of providing health insurance. When it comes to
this, they are quite successful, considering the fact that they currently have about 106 million people as clients.
This puts the Blue Cross and Blue Shield right at the top in their niche.
People have different medical needs which may change over time depending on their conditions. Medicare allows its beneficiaries to make adjustment accordingly during the Annual Election Period or AEP, starting from October 15 to December 7 each year. During this period, you are allowed change or cancel your Medicare plans entirely. For those who did not sign up for Medicare plans when they become eligible during the Initial Enrollment Period, the AEP is the proper time window to do it, unless they are eligible for Special Election Period (SEP).
Part D plans must offer either the defined standard benefit or an alternative equal in value. The standard benefit has a $415 deductible and 25% coinsurance up to an initial coverage limit of $3,820 in total drug costs.
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