AEP (Annual Election Period) for Medicare Advantage and Part D Drug Plans starts on October 15 and ends on December 7. Even if you have no complaints about your current plan, there are three reasons why it is still a smart move to review your options.
- Your Plan Benefits or Premium May Be Changing: Every year companies review the plans and often change the premium and the actual benefits. Prior to AEP, they will send you notification of changes but many people ignore the notice. For instance, your plan may add a Drug Deductible of $300 to upper tier drugs and you will suddenly find that out in January when you refill your prescription. Or, they may have changed the “per day” hospital copay from $250 to $400. With an average hospital stay of just over 2 days, that means your next inpatient visit will jump from $500 to $800. And, of course, all companies adjust their premiums so the plan that was the best value for you last year may not be this year.
- Your Particular Needs May Have Changed: During the past year, your doctor may have added a new prescription. You may find that your plan has a higher copay on that drug than another plan might. The copay for Outpatient Surgery or Primary Care Office Visits may have increased. You may now have a need for hearing aids or glasses for which many plans have benefits included. Some plans have Dental Care either included or available as extra-cost options. Many plans also include gym memberships at no additional charge.
- Networks May Have Changed: Often the choice of a plan revolves around whether your doctor or specialists are considered “in-network” or not. Companies are always trying to expand their networks. A plan that did not include your doctor last year may include him this year, which now makes that plan a viable choice for you.
There is absolutely nothing wrong with being happy with you plan and continuing with it for years to come. If you decide to do that, you don’t need to do anything as the plan will be automatically renewed (as long as it is still being offered in your area) and your premium will be adjusted to the new year prices. On the other hand, It just makes good sense to take a few minutes during AEP to review the options to make sure your plan is still the best choice for your particular needs. Agents usually have all the details about the new plans by October 1. If you don’t have a local agent, and you live in the North Idaho area, feel free to contact me for an appointment at your convenience.