The Medicare Annual Election Period is swiftly approaching. This is the time of year when you can make changes to your Part D drug plan. If you are enrolled in a Medicare Advantage plan (Part C) instead of Original Medicare, then this is also the time of year that you can disenroll and return to Original Medicare or choose a different Medicare Advantage plan.
Renewing Your Current Plan
If you are happy with your current Medicare Advantage plan or Part D drug plan, then you do not have to do anything at all. Your plan will automatically renew on January 1st unless the plan is being discontinued. By October 1st, you should have received a notice in the mail from your current insurance company. This is called your annual notice of change. Review it carefully because it will tell you about any changes in your premiums, copays, or drug formulary for next year.
Sometimes people don't realize this and they never review the upcoming changes. It can be an unwelcome surprise to find out in January that one of your important meds is being dropped next year. By making sure to review this notice every fall, you will catch any changes that might be a deal breaker for you, and you'll still have time to change your plan during the Annual Election Period.
Changing Your Plan
If you do wish to make a plan change, you can use the Medicare.gov website to scout out other plans in your area. Medicare has a Plan Finder Tool that will let you enter your medications and compare plans in your county. It lists the plans that will be most cost effective for you at the top.
If you are joining a Medicare Advantage plan for the first time during the Annual Election Period, you need to check with your doctors before you enroll to make sure that they participate in the plan's network. Once you enroll, you are locked into the plan for the next calendar year unless a special circumstance occurs, such as qualifying of Medicaid or moving to a new state.
You must submit your application no later than December 7th. Your new drug or Advantage plan will begin on January 1st.
Returning to Original Medicare
Sometimes people decide to disenroll from their Medicare Advantage plan and return to Original Medicare. You can do this during the election period as well. Your coverage will end on Dec. 31 and you will return to Original Medicare on January 1st. Be aware though that if you plan to add a Medicare supplement, you will need to apply for that plan and answer health questions. The Medigap companies do not have to accept you for coverage unless this was your first time ever in a Medicare Advantage plan and you are leaving it during the first 12 months of the plan.
It's wise to apply for the Medigap plan ahead of time and make sure you are accepted before cancelling your Medicare Advantage plan.
Help with Changes
Election periods can be confusing, but don't worry, we are here to help! Just called Boomer Benefits at 1-855-732-9055 and one of our staff member can provide free assistance.
Renewing Your Current Plan
If you are happy with your current Medicare Advantage plan or Part D drug plan, then you do not have to do anything at all. Your plan will automatically renew on January 1st unless the plan is being discontinued. By October 1st, you should have received a notice in the mail from your current insurance company. This is called your annual notice of change. Review it carefully because it will tell you about any changes in your premiums, copays, or drug formulary for next year.
Sometimes people don't realize this and they never review the upcoming changes. It can be an unwelcome surprise to find out in January that one of your important meds is being dropped next year. By making sure to review this notice every fall, you will catch any changes that might be a deal breaker for you, and you'll still have time to change your plan during the Annual Election Period.
Changing Your Plan
If you do wish to make a plan change, you can use the Medicare.gov website to scout out other plans in your area. Medicare has a Plan Finder Tool that will let you enter your medications and compare plans in your county. It lists the plans that will be most cost effective for you at the top.
If you are joining a Medicare Advantage plan for the first time during the Annual Election Period, you need to check with your doctors before you enroll to make sure that they participate in the plan's network. Once you enroll, you are locked into the plan for the next calendar year unless a special circumstance occurs, such as qualifying of Medicaid or moving to a new state.
You must submit your application no later than December 7th. Your new drug or Advantage plan will begin on January 1st.
Returning to Original Medicare
Sometimes people decide to disenroll from their Medicare Advantage plan and return to Original Medicare. You can do this during the election period as well. Your coverage will end on Dec. 31 and you will return to Original Medicare on January 1st. Be aware though that if you plan to add a Medicare supplement, you will need to apply for that plan and answer health questions. The Medigap companies do not have to accept you for coverage unless this was your first time ever in a Medicare Advantage plan and you are leaving it during the first 12 months of the plan.
It's wise to apply for the Medigap plan ahead of time and make sure you are accepted before cancelling your Medicare Advantage plan.
Help with Changes
Election periods can be confusing, but don't worry, we are here to help! Just called Boomer Benefits at 1-855-732-9055 and one of our staff member can provide free assistance.