It’s the most important time of the year. The Medicare Annual Election Period (AEP) is here. This is your opportunity to assess your current Medicare plan coverage and make any changes to ensure that you have the best (and most cost-effective) healthcare plan for the upcoming year.
How do you determine if you still have the “best” plan, or if you should make a change? It helps to seek expert advice. A team member from Wandacare can walk you through the AEP, the coverage adjustments you can make, and how to approach this time strategically, so you can make informed decisions about your plan—and maximize your Medicare benefits in 2024.
What Is the Medicare Annual Enrollment Period and Why Does It Matter?
The Medicare Annual Enrollment Period (AEP) is when anyone already enrolled in Medicare can make changes to their coverage and plans. This includes those with Original Medicare (Parts A and B), Medicare Advantage Plans (Part C), and Medicare Part D prescription drug plans.
AEP is your yearly opportunity to assess whether your current plan still meets your healthcare needs and fits your budget. Medicare plans can change from year to year, and so can your healthcare needs. A health emergency or a new treatment regimen can alter these needs in a matter of weeks. Perhaps your doctor has prescribed a new medication that your current Part D prescription drug plan does not adequately cover. Or maybe you’ve been notified that your preferred primary care doctor will no longer be in-network with your current Medicare Advantage Plan.
These are just a couple of examples of why you might want to consider changing your plan. The AEP ensures that you have this opportunity to make needed adjustments, so you can be certain you have the right coverage for your current (and changing) circumstances, at the right price.
When Is the Medicare Annual Enrollment Period and How Long Does It Last?
The Annual Enrollment Period runs from October 15 to December 7 every year and applies to everyone enrolled in Original Medicare (Parts A and B), Medicare Advantage Plans (Part C), and Medicare Part D prescription drug plans. Any changes you make during AEP go into effect on January 1 of the following year. If you’re happy with your current coverage and elect to not make any changes, your current Medicare plan will automatically renew on January 1.
How Can You Adjust Your Coverage During Medicare Annual Enrollment Period?
The Annual Election Period is your opportunity to make any plan changes or adjustments based on your healthcare needs and budget, including switching plans and adding any “parts” you may be eligible for.
During the Medicare Annual Enrollment Period you can elect to:
- Change to a Medicare Advantage Plan from Original Medicare.
- Return to Original Medicare from a Medicare Advantage Plan.
- Choose a different Medicare Advantage Plan if you already have Medicare Advantage.
- Enroll in or change your Part D prescription drug coverage plan.
Whether you decide to keep your current plan, elect a new plan, or add additional coverage, these changes will impact your access to doctors, hospitals, and prescription medications for the entire upcoming year.
Rely on Wandacare to help you navigate the Annual Enrollment Period with ease. Making informed decisions is critical to choosing the best plan for your healthcare needs.
1. Understand Your Healthcare Needs
Our team will assist you in evaluating your healthcare requirements. We’ll consider any changes in your needs over the past year and anticipate what you might require in the upcoming year. This assessment helps determine if your current plan remains suitable or if other options are worth considering. Factors such as prescribed medications, doctor visits, and potential lifestyle changes like relocation or international travel will be taken into account. Wandacare will guide you to the plan that aligns with your individual needs.
2. Thoroughly Review Your Current Plan Coverage
We’ll guide you through a comprehensive review of your current plan, whether it’s Original Medicare or a Medicare Advantage Plan. This includes an evaluation of your Medicare Part D prescription drug plan and any supplementary coverage. We’ll help you interpret your Annual Notice of Change (ANOC) letter from your carrier, mandated by CMS, providing essential insights into upcoming plan adjustments.
3. Compare Available Plans
Wandacare helps you compare your current plan’s performance against other available options in your area. We’ll examine premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums to provide a clear cost analysis. We’ll also assess the formulary lists of Part D plans to confirm the coverage of your prescription drugs and their tier placement. Furthermore, we’ll review preferred provider lists to ensure that your chosen doctors, clinics, and hospitals remain in-network. Medicare Advantage plans often come with additional benefits such as dental, vision, and fitness programs, and we’ll help you determine if these align with your needs.
4. Enroll in the Chosen Plan
With Wandacare’s assistance, you can confidently select the plan that best suits your healthcare requirements. If you decide to maintain your current plan without changes, it will automatically renew on January 1.
5. Review Your Plan Materials
You’re all set! Your confirmation and plan materials will be in the mail. Be sure to review them carefully when they arrive to double check your elected coverage, dates of coverage, and to have your new plan cards to access your Medicare-covered services.
How Can You Maximize Your Benefits During the Medicare Annual Enrollment Period?
When it comes to getting the most out of your Medicare coverage, you want to be sure you have a plan that is meeting your needs. Wandacare’s Medicare advocates and advisors are here to ensure you don’t overpay for services you don’t require and that you fully utilize benefits you’re paying for.
The Annual Enrollment Period is the ideal time to not only review your current Medicare plan, but also to think about if it will meet your healthcare needs for the upcoming year, and then compare it to other available plans. There could be a better fit with lower costs.
As you compare plans during the AEP and look to maximize your benefits, Wandacare’s dedicated team will assist you every step of the way.
Look for the Best Benefits
The best way to maximize your benefits is to have the benefits you want and get them at the best price. Wandacare will help you evaluate if your current plan’s benefits meet all your requirements and if you’re taking full advantage of them. We’ll guide you in considering new benefits or additional coverage you might need. When comparing multiple plans, Wandacare will assist in examining premiums, deductibles, copayments, network providers, and additional perks such as dental, vision, and fitness programs. This ensures that you’re receiving the best benefits tailored to your unique needs at the most cost-effective price.
Maximize Your Cost Savings
Optimize Prescription Drug Coverage:
- Individuals Eligibility
Individuals may be eligible for additional assistance with their prescription drug costs, or they may qualify for the Medicare Savings Program. Eligibility criteria varies by state. In the state of Florida, for single individuals not married, limited savings (around $3,000), no multiple property ownership, no IRAs or annuities, and a monthly income below $1,823, they may qualify for extra help with prescription drugs. If an individual’s monthly income is below $1,640 they may be eligible for the Medicare Savings Program. Our team at Team@wandacare.com is ready to guide you through the application process to help determine eligibility.
- For Married Couples
To be eligible for additional assistance with prescription drug costs, the combined monthly income of both spouses must not exceed $2,465 per month. For Medicare Savings Program, the combined income threshold is $2,219 per month. It’s important to note that eligibility is contingent on the absence of substantial savings, IRAs, annuities, or multiple property ownership. If you meet the criteria, completing an application is the next step, and our dedicated team at Team@wandacare.com is here to provide guidance throughout the process.
Check In-Network Provider Lists
One of the best ways to save on costs is to ensure you stay in-network for your care. Our Wandacare Team will assist you in ensuring your preferred doctors, clinics, and hospitals are part of the in-network options. Seeing a healthcare provider that is out of network can greatly increase your costs. This can be an important factor to consider during AEP, especially If you’ve received notice (either from your plan provider or your physician) that the network coverage has changed. If you’ve moved to a new location, your doctor and the plan itself may now be considered out of network.
Wandacare Team: Your Guide to Medicare Annual Enrollment
During the Medicare Annual Enrollment Period (AEP), there’s a lot to consider. Our team at Wandacare are experts on Medicare and can help you navigate this process. We’ll assist you in exploring and comparing available plans in your area, ensuring you choose one that aligns with your preferred providers, offers the benefits you need, and fits your budget.
Your Medicare coverage deserves careful consideration, and our licensed Florida agents are here to support you every step of the way. Wandacare is committed to helping you make the most of your Medicare benefits in 2024.
