The Medicare Annual Enrollment (AEP) is October 15 through December 7, 2022. If you are a Medicare-eligible individual and you never enrolled in a Medicare Advantage Plan before, this might be the time to consider one, or if you want to switch plans, AEP is the time for you to consider your Medicare options. The elections you make during this time will go into effect on January 1 and remain through December 31, 2023. AEP is an important time for you to review your current plan whether you have a Medicare Supplement (Medigap plan) and prescription drug plan (PDP) or if you have a Medicare Advantage Plan (MAPD), which are approved by Medicare but managed by a private insurance company. We recommend that you review your plan every year whether you want to make a change or not. If you don’t review your options every year, you may be overpaying.
Changes to MAPD’s cost and benefits can vary every year by the insurance carriers such as monthly premiums, out-of-pocket maximums or change in co-pays and/or co-insurances for services or the addition of extra benefits like dental/vision/hearing coverage or adding/removing extra benefits such as a free gym membership. The PDP deductibles and formularies or drug lists can also change. It’s important to check the drug list to be sure the drugs you currently take are still covered.
How do I know what’s changing?
Watch for your “Annual Notice of Change.” You should have received your annual notice of change (ANOC) from your current insurance carrier. If you are currently on a PDP or MAPD, by law you are to receive an ANOC by the end of September. It is important for you to review the notice. This is the first step in preparing you for AEP. The ANOC describes any changes in coverage, cost or service area for the upcoming plan year. An easy-to-read comparison chart is included that will show 2022 plan year benefits compared to the new benefits for 2023.
What if I want to keep my current Medicare plan?
If you want to keep your current Medicare medical and prescription drug plans, no action is required. Your current plan will roll over automatically to 2023 along with the changes described in the ANOC.
How do I know the best option to pick?
There is no “one size fits all” Medicare plan. The plan that’s right for you depends on your individual needs. After you are enrolled in Original Medicare (Parts A & B) and you want additional supplemental insurance, you will have the option to enroll in a Medigap or a MAPD plan. Both options vary by cost, coverage, provider choices, and prescription drug formularies. As an independent insurance agent, I educate people and help them navigate through the Medicare plan maze. There is no cost and no obligation! I represent multiple carriers to help you find the plans that fit your individual needs and budget for 2023.