Offered by: Jennifer Bell – Bell Benefits, LLC
‘Tis the season for endless Medicare ads. That’s right! The Medicare Annual Election Period (AEP) is here!!!
What is AEP you might be asking? AEP is the time each year when a Medicare beneficiary can change his/her Medicare Advantage (MA) Plan or Prescription Drug Plan (PDP) for the following calendar year. The time period starts October 15th and goes through December 7th at midnight.
What can you do during the AEP? You can make multiple changes to your MA or PDP plan. If you happen to choose a plan and then realize you don’t want it, you can change to another plan on or before December 7. Whatever plan you select last, will be the one that starts on January 1.
You also don’t have to do anything. If you don’t change your coverage, the plan you currently have will just roll right into 2021.
There are some plans that may not be available in 2021 and if you do not do anything, the insurance company will automatically assign a new plan for you.
I always tell my clients that it is really important to review your plan details each year. With PDPs, the medication formulary list can change from one year to the next and the coverage can change. It’s wise to compare plans each year.
As always, I am more than happy to help anyone with plan comparisons or other questions that come along. There is no cost to have me help you with your situation. Please call 720-626-6524 today to find answers to your questions!