By Susan Stewart, Licensed Insurance Agent
The Medicare Open Annual Enrollment Period (AEP) runs every year from October 15th to December 7th. During AEP, you can make as many plan changes as you want, but whatever Medicare Advantage or Prescription Drug Plan you're enrolled in on December 7th is what you take into the new year on January 1st. Typically, if you take out a new plan, it starts on the first day of the following month. Not so during AEP. Only in certain circumstances can your plan start November 1st or December 1st, such as being new to Medicare or moving. Medicare Supplements (also known as Medigap) have entirely different rules.
The full picture of what's changing will not be available until October 1st, but let's get you ready for AEP review:
- Your current plan will likely have Be sure to read what your carrier sends you.
- Licensed agents can access 2025 plans on October 1st but cannot enroll you until October 15th. It's good to do your review in advance when your agent is less pressured. To enroll on October 15th or after will be a breeze.
- Have your Medicare ID card and Medicaid card, if applicable, to hand. You must be willing to provide these.
- What do you need? Give it some thought. Some people say, "I just want the best plan." What you and someone else need is completely different, so there is no "best plan" for Are your doctors essential? What dental needs do you have? What concerns do you have about copays? Your requirements from last year may be different this year.
- Have a complete list of your doctors The only way an agent can ensure your important doctors are in network is if you give a complete list. Have each doctor’s address and properly spelled name to save time. Are you in physical therapy? Is there a hospital that matters? Any provider that matters to you must be included in your review.
- Have your prescription medication list, including the name of the drug, dose, and how many times a day you take it. You need to know how all your medication will be covered. Know your pharmacy as well. A standard, preferred, or out-of-network pharmacy can meaningfully affect the cost of your medication.
- Make sure you take down the name and phone number of your It's important to be able to contact them. A good agent will still be there after you decide to take up a plan.
- Ask questions. Understand. Require clarity. Take notes. Don't become so focused on one thing that you don't Details matter.
- A full review cannot be completed in 15 minutes. How ready you are affects how long it takes but allow your agent the time required. If you don't have time to talk, don't waste your or your agent's time.
- Lastly, commercials make big promises focusing on just one benefit, but the whole package affects your healthcare and finances next year. Again, details matter.
Let's all go into AEP with hope for positive plan changes, talented agents, and beneficiaries ready to participate in plan selection.
