Understanding Your Options During Medicare’s 2014 Annual Enrollment Period (October 15 – December 7)
You’ve likely been hearing a lot of talk about “open enrollment” this year, but this applies to traditional health plans through the Affordable Care Act. Medicare’s annual enrollment period is completely different, and it’s right around the corner! So what does this mean for you?
There are several things that can take place during Medicare’s annual enrollment period. You can:
> Leave original Medicare and sign up for a Medicare Advantage plan
> Switch from one Medicare Advantage plan to another
> Sign up for a Medicare Part D prescription plan
> Switch from one Medicare Part D prescription plan to another
Although annual enrollment does not specifically target Medicare supplement plans, it’s important to note that you can sign up for a Medicare supplement plan any time during the year – including Medicare’s annual enrollment period.
What are My Options During Annual Enrollment?
Most Medicare Advantage plans are offered at $0 or low premiums (you just pay your Part B premium). Another perk to a Medicare Advantage plan – prescription coverage is included at no additional cost!
Some Medicare Advantage plans also offer additional benefits such as benefits for vision, dental and hearing or even no-cost gym memberships.
If you have original Medicare and need to sign up for a Part D prescription plan or want to switch plans, you can run an instant quote and compare your options. In my recent blog, Are You Paying Too Much for Your Medicare Part D Prescription Plan, I discuss how most Medicare beneficiaries never compare their Part D prescription plan options – which could be costing you money!
Part D prescription plan rates change every year, and so does the list of medications each plan covers. By not comparing your options, you could be leaving money on the table!
How Do I Get Help With My Medicare Choices?
Medicare’s annual enrollment period begins October 15 and runs through December 7. Any changes made become effective January 1, 2015.
At MediGap Advisors, we understand that each individual’s needs are different. The advisors at MediGap Advisors are available to help you compare your options and choose the plan that is best for you. Call 866-323-1441 to schedule an appointment with one of our experienced advisors. Remember – there is never any cost to you for our services!
Do you have any questions about Medicare’s annual enrollment period? Do you have questions about Medicare Advantage plans or Part D prescription plans? What other questions can we answer?
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.