Senior Citizen Talking To Her Nurse About Medicare

Medicare, the federal health insurance program for people age 65 and over, is a complicated benefit with many details that may seem confusing to you. During the annual enrollment period for Medicare (AEP) you can update your coverage and prescription drug plan.

This article outlines how to take advantage of the November 15-December 7 enrollment period for Medicare (AEP) to make sure you’re getting what you need from your insurance provider.

Overview of the Medicare AEP

The Medicare Annual Enrollment Period (AEP) is a time when people with Medicare can make changes to their coverage. This includes switching from Original Medicare to a Medicare Advantage Plan, or vice versa. It’s also when you can make changes to your prescription drug coverage.

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The AEP starts on October 15 and goes through December 7 each year. If you don’t make any changes during this time, your coverage will stay the same for the following year. You may want to consider making changes to your Medicare coverage if your health needs have changed, or if you’ve moved to a new location.

You may also find that there are new plans available that better meet your needs than your current plan. If you’re thinking about making changes to your Medicare coverage, be sure to do your research and compare plans before making a decision. You can use the resources on Medicare.gov to help you compare plans and find one that best meets your needs.

When is the Medicare AEP?

The Medicare Annual Enrollment Period (AEP) is a time when people with Medicare can review their coverage and make changes to their plan.

This year, the AEP runs from October 15th to December 7th. During this time, you can: -Change your Medicare Advantage or Part D prescription drug plan -Enroll in a new Medicare Advantage or Part D prescription drug plan -Switch from Original Medicare to a Medicare Advantage Plan -Switch from a Medicare Advantage Plan back to Original Medicare -Drop your Medicare Advantage Plan and return to Original Medicare If you’re happy with your current coverage, you don’t need to do anything during the AEP. Your coverage will automatically renew for the next year.

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During the AEP, you may also want to consider signing up for a Medigap policy.

Medigap policies help cover some of the out-of-pocket costs not covered by Original Medicare, such as coinsurance, copayments, and deductibles. If you’re interested in a Medigap policy, now is the time to enroll since you can’t sign up for one outside of the AEP.

What Happens if You Miss the AEP?

If you miss the Medicare Annual Enrollment Period (AEP), you may have to pay a late enrollment penalty. This is an extra charge that you will have to pay for your Medicare Part B premium.

The amount of the penalty is 1% of the national average premium for Part B, and it is added to your premium for each full month that you are enrolled in Part B.

How to Find out Your Prices and Plans Under Parts C and D

If you’re like most people on Medicare, you’re probably not too thrilled about the idea of open enrollment. After all, who wants to think about their health insurance during the holiday season?

But the reality is that the Medicare Annual Enrollment Period (AEP) is a critical time for anyone on Medicare, and it’s important to be as informed as possible before making any decisions about your coverage. One of the best ways to prepare for AEP is to understand how Parts C and D work together.

Part C is Medicare Advantage, which is a type of private health insurance that covers everything original Medicare (Parts A and B) does, plus additional benefits like prescription drug coverage. Part D is prescription drug coverage, which can be added to any original Medicare plan or a Part C plan.

The first step in understanding your prices and plans under Parts C and D is to know what your total costs will be. This includes both your monthly premium (the amount you pay for insurance) and your out-of-pocket costs (the money you’ll need to pay for things like deductibles, copayments, and coinsurance).

You can get an estimate of your total costs by using the Medicare Plan Finder tool on Medicare

What to Do if You Already Have a Medicare Plan

If you’re currently enrolled in a Medicare plan, you don’t need to do anything during the AEP. Your coverage will automatically renew for the upcoming year.

However, it’s still a good idea to review your plan during the AEP to make sure it still meets your needs. You may find that your current plan no longer offers the coverage you need or that there’s a better option available now. If that’s the case, you can switch to a new plan during the AEP.

Just be sure to cancel your old plan before enrolling in a new one, otherwise you’ll end up with two plans and may have to pay for both of them. If you’re happy with your current Medicare plan, great! You don’t need to do anything except make sure you continue paying your premiums (if applicable) on time. Your coverage will automatically renew for next year.

Penalty for Not Signing Up by Close of AEP

If you’re eligible for Medicare but don’t enroll during the Annual Enrollment Period (AEP), you may have to pay a late-enrollment penalty.

The AEP for Medicare runs from October 15 to December 7 each year. If you miss this enrollment window, you may have to pay a late-enrollment penalty for as long as you have Medicare coverage. The late-enrollment penalty is calculated using two factors: the number of months you delayed signing up for Medicare Part B and the national average premium for Part B coverage.

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For example, let’s say you were eligible for Medicare in 2018 but didn’t enroll until 2019. In this case, your late-enrollment penalty would be 10% of the national average Part B premium, which was $134 in 2018.

So your late-enrollment penalty would be $13.40 per month ($134 x 0.10) in 2019. You may be able to avoid paying a late-enrollment penalty if you can show that you had creditable coverage (coverage that’s at least as good as Medicare) during the time you were eligible for Medicare but not enrolled. Examples of creditable coverage include employer-sponsored health insurance, Medicaid

FAQs About the Medicare Annual Enrollment Period

1. What is the Medicare Annual Enrollment Period?

If you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. Note: You can only switch plans once during this period.

2. When is the Medicare Annual Enrollment Period?

October 15,2022 – December 7, 2022

3. What can I do during the Medicare Annual Enrollment Period?

If you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. Note: You can only switch plans once during this period.

4. How do I know if I need to make any changes to my coverage?

Even if you are happy with your current Medicare coverage, it is a good idea to review the other options available to you.

5. What happens if I don’t make any changes to my coverage during the Medicare Annual Enrollment Period?

If you are currently enrolled in a Medicare plan and you do not make any changes during AEP, then you will stay with your current plan.

6. I’m new to Medicare. Can I make changes to my coverage during the Annual Enrollment Period?

If you are new to Medicare because you turned 65 this year. The AEP period will be an opportunity for you to review Medicare Advantage Plans and/or Medicare drug plans. If you find a plan you like, you can change it.

7. What are some of the most common changes people make during the Medicare Annual Enrollment Period?

Medicare drug plans are the most common changes, followed by moving to/from a Supplement plan to/from a Medicare Advantage plan.

8. I have a question that’s not listed here. Who can I contact for more information about the Medicare Annual Enrollment Period?

Call 865-518-8022 for an independent agent from Legacy Health Insurance. We will be happy to show you what plans are available for your area that includes any doctors you prefer to see. You will also receive prescription drug prices.