The Medicare Annual Enrollment Period runs every year from October 15 to December 7. If you want to change your existing Medicare plan or coverage for the upcoming year, AEP is the right time.So, be prepared before Medicare AEP commences. After all, choosing the right healthcare plan is important as you grow older.
Tips to Prepare for Medicare Annual Enrollment Period in 2023
Review your existing Medicare plan for changes.
Your Medicare prescription drug plan or Medicare Advantage plan is subject to annual cost and/or coverage changes. These changes become effective on January 1. You have to understand these when making choices during AEP. Common changes include providing new benefits, updating the list of covered drugs, cost changes, or removing any previous benefit.Â
Every year, you will get an Annual Notice of Change (ANOC) letter that outlines changes for the upcoming year. You will typically receive the letter in September. If you do not, you can reach out to your provider.
Read through the ANOC letter thoroughly. It typically lists changes like changing your premium, raising your co-pay, including or excluding a benefit, etc.
Go Through the Medicare & You Handbook
Medicare & You is an official handbook that explains all Medicare coverage, costs, policies, and other relevant things. It is updated every year. So, make sure you review the handbook for any new changes in Medicare rules or policies to stay updated.
Determine Your Health Care Needs
Your healthcare needs may change over time, and you may need new or different healthcare services in the coming year. So, make sure you figure out your potential health care needs.Â
Key considerations when choosing a plan during AEP:
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A developing or diagnosed health issues
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Planned medical procedures
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New medications prescriptions
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Changes in your financial condition
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You need to find a new doctor
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Need healthcare when you live away from home
Your Medicare Plan Should Meet Your Healthcare Needs
Now that you have assessed your healthcare needs and reviewed plan changes, it is time to review your current Medicare plan more closely. First, evaluate your ongoing plan to determine if it will fit in the year ahead.Â
If it seems fit, you do not need to do anything during AEP. Stay on your plan as long as it continues to meet your medical needs and you are able to pay premiums and other costs.
Know All Important Dates
It is easy to get confused between important dates of Medicare Enrollment Periods. So, mark your calendar.Â
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Release of new plans: October 1
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The first day to make changes to your plan: October 15
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Deadline for selection: December 7
We suggest you to avoid waiting until the last day. Otherwise, you might not get your Medicare ID card until February.
Final Tips: Be Ready With the Right Questions
Write down all your expectations and questions related to a healthcare plan. Make a list of doctors nearby you need to see, the hospitals you go to, and all your current medications. Keep this list handy when you reach out to a Medicare plan provider.Â
Arming yourself with this knowledge and your questions will help you make an informed decision when buying or making changes to your Medicare plan before, during or after the Medicare Annual Enrollment Period.
Frequently Asked Questions
The Medicare Annual Enrollment Period for 2023 runs from October 15 to December 7, 2023.
Any modifications to your Medicare plan for the coming year, such as adjustments to premiums, co-pays, benefits, etc., are described in the ANOC letter. This letter should normally reach you in September. You should get in touch with your provider if you have not received it by then.
"Medicare & You" is an official handbook that offers comprehensive information on Medicare coverage, pricing, laws, and other significant details. It helps you stay informed about the Medicare program and is updated yearly to reflect any modifications to Medicare laws or policies. It is important to read through this handbook yearly to stay updated on any changes that might affect you.
Consider any recently identified or growing health conditions, planned medical procedures, new pharmaceutical prescriptions, changes in your financial situation, whether you need to locate a new doctor, and whether you need healthcare while living away from home when evaluating your healthcare needs during the AEP. This assessment will help you choose a plan that best suits your needs for the upcoming year.
The key dates to remember are: - October 1: Release of new plans - October 15: The first day to make changes to your plan - December 7: Deadline for selection It is advised not to wait until the last day to make your selection to avoid delays in receiving your Medicare ID card.
