Good morning all,
I hope this finds you well. As we get another day closer to the Annual Enrollment Period, I wanted to go over some things about AEP and what you need to keep in mind.
AEP is the time when you have the ability to switch Medicare Advantage Plans or Part D Drug Plans. If you are new to Medicare and recently signed up for a Medicare Supplemental Plan or Medigap, you do not have to do anything. You can stay on your plan and there will be no changes to your coverage, except the monthly premium after you have been on the plan for a year, and maybe the Part B deductible. If you are happy with your coverage you can keep it.
A lot of people get confused thinking their Medigap Plan is going to be renewed or they have to find another one. You do not need to do anything to your plan, but it may be beneficial to see if you can stay on the same plan but save some money. So, it is always important to keep in touch with your agent and make sure you have the best rate possible.
You will start to see the commercials for free Medicare Plans. Someone may be calling you telling you these plans are free. They are not! They may have a $0.00 monthly premium but you will pay for them. If you go to the doctor then you will have a co-payment. If you go in the hospital, you will have daily co-pays. These plans work similar to the insurance you had through an employer. There are networks and for some procedures, you will need to get pre-authorization. Please keep this in mind.
It is also important to explore how much your medications are going to cost in the upcoming year. As your medications change, so does the amount you will have to pay. For most people, your prescriptions are going to be the most expensive medical cost on a month-to-month basis. Now, if you have a chronic illness, this may not be the case, but for the most part, your prescription will be the big cost.
If you have any questions about anything with Medicare please give me a call or shoot me an email.
Also do something nice for someone today, even something small. Have a great day.
Wishing you all the best I am,
Randall J. Lawson
The HgO Group
National Producer Number #9276045
Don't forget to ask me about our Long Term Care, Cancer, Heart, Stroke, and Final Expense Policies.