Medicare gives you the freedom to adjust. This could mean additional medical services, lower costs for certain providers, or prescription coverage. However, you’re only able to make these changes during specific times of year.
What Changes Can I Make?
You can join, switch, or drop plans. As a health insurance program with multiple policies, Medicare has endless options.
Examples of coverage you can join include Medicare Advantage (Part C) and Medicare Part D. These have their own enrollment period and are separate from Original Medicare, and come through private insurers. Medicare Advantage gives you the coverage of Original Medicare, plus services that aren’t included in Original Medicare.
You can drop coverage if you no longer wish to have it. You may decide to drop extra coverage because you want to go back to Original Medicare.
Switching from one plan to another is an option, which is usually due to another plan having coverage that better fits your needs.
How Can I Change Coverage?
You can make changes during the Annual Enrollment Period (AEP), which is from October 15 to December 7. Here, you can join, switch, or drop plans. You’ll need to contact your insurer in order to do this.
Who Can Use The AEP?
The AEP is not for first-timers. You won’t be able to enroll in Medicare Part A or Part B for the first time during the AEP. In order to join these plans, you’ll either need to enroll during the Initial Enrollment Period (IEP) or General Enrollment Period (GEP). The IEP starts three months before you turn 65 and ends three months after. The GEP lasts from January 1 to March 31.
Why Use The AEP?
Every year, your plan may undergo changes that will be effective the following year. Either instance may influence you to change coverage.
There are two documents to watch for leading to the AEP – explanation of benefits (EOB) and annual notice of change (ANOC).
The EOB outlines how your coverage applied during the year, and arrives in the mail monthly. This is a way to see how your Medicare coverage worked for the services you needed.
The ANOC arrives by September 30 every year. This details how your plan’s costs and coverage will change in the next year. If you have Medicare Advantage, it will also show whether your physician is leaving your plan’s network.
Find Out More Today
Whether it’s getting Medicare for the first time, switching to new policies, or getting your Medicare questions answered, Medicare With Jake is your best source. We are always ready to talk Medicare and get you the coverage you deserve. Call us today at (833) NOW-JAKE.
