What Are the Benefits of AEP?
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.
Following are the key benefits of AEP:
You Can Switch Plans
Perhaps the biggest and the most obvious benefit of AEP is that it allows you to change your Medicare plan. Health care needs are constantly changing and it is likely that what worked for you in the past years may not be suitable for you in the upcoming year. During AEP, you can use your benefit usage from the past 12 months as a guide to estimate your expected costs for the upcoming year. Apart from this, if your medications have changed or you have been diagnosed with a new health condition, you may need different Medicare plan benefits in the upcoming year. You can take these factors into consideration during AEP and choose the plan that is the best fit for you.
It’s a Great Time to Reevaluate Your Medicare Choices
Whether you are enrolled in a Medicare Part D drug plan or Medicare Advantage plan, or you have Original Medicare to get most of your Medicare benefits, it is highly recommended that you evaluate your Medicare plan options during Annual Election Period. Following are a couple of reasons why AEP is a great time to reevaluate your Medicare choices:
You Can Make Sure That Your Medicare Plans Meets Your Current Needs
If you are not sure that your current Medicare plan meets your needs, then you should compare options e.g. an all-in-one MA plan that includes various additional benefits to Original Medicare plan, such as hearing, vision, dental, and prescription drug coverage, which you could take advantage of to fill the gaps in your existing Medicare plan.
You Can Make Sure That Your Current Medications Are Covered
Every year, drugs on a plan’s formulary can change. Furthermore, the prices of medicines can vary from one plan to another as some plans can negotiate better discounts with certain pharmacies. You should compare your medications among various Medicare prescription plans and find the one that suits you best.
You Can Actually Save Money
During AEP, you can explore options that could potentially save you money, such as a Medicare Supplemental plan that gives you more flexibility or a zero-premium Medicare Advantage plan. There are always expenses associated with health insurance. However, if you know your options and make informed decisions about your Medicare coverage during AEP, you could end up saving money.