With the Medicare Open Enrollment Period coming up for 2020, now’s the time to get a little bit more educated about why the Open Enrollment Period is important, what you can do during that time, and what’s changing.
Here’s the scoop on Medicare Open Enrollment Period 2017.
Why should you care?
Medicare Open Enrollment Period, also known as the Annual Election Period (AEP), is coming up fast.
As summer winds down, the Open Enrollment Period will begin on October 15 and end on December 7, 2020. Enrollment in or changes to coverage during the AEP will become effective January 1, 2017.
Remember, this is your window of opportunity to review your current Medicare health plan and make changes that will affect your coverage in 2020.
But you may be wondering, why go through the hassle of making a change?
There are a number of reasons to make the switch:
- Your personal health and budget are subject to change.
- This year’s plan or coverage for prescription drugs may no longer be sufficient.
- You want to reduce your monthly premium.
- You’re now faced with special needs.
As a result, it’s critical that you review your coverage every year during Open Enrollment to determine how to best customize the different Medicare Parts and plans to best meet your changing healthcare and financial needs.
A time for change
What CAN you do during open enrollment?
During Medicare Open Enrollment you can decide to stay in Original Medicare or you can:
- Move from Original Medicare to a Medicare Advantage Plan (MA) and visa versa.
- Change from your current Medicare Advantage Plan to another.
- Enroll in a Medicare Advantage Plan the Includes coverage for Prescription Drugs (MA-PD).
- Switch to a Medicare Advantage Plan that includes prescription drug coverage and visa versa.
- Enroll in a Medicare Prescription Drug Plan (PDP).
- Cancel your Medicare Prescription Drug Plan coverage.
The benefits of change
A change from Original Medicare to a Medicare Advantage Plan may reduce your monthly premium and may provide access to additional benefits and services:
- Prescription drugs
- Mail-order pharmacy access
- Discount programs
- Wellness benefits
- Health education programs
- Nurse advice hotline
- Routine eye and dental care
- Hearing aids and eyewear
- Fitness programs
- Silver Sneakers or gym membership
In addition, coverage for or extra benefits like Dental or Vision Plans can also be added at an additional cost to customize your coverage and meet your personal needs.
Educating yourself about the Medicare Open Enrollment Period and your coverage options is important to maintaining your personal health and well being.
If you have questions about switching policies or need help assessing your plan’s projected changes, get in touch with a Medicare Plan Specialist at InsureOne Benefits today.