It comes every year in the fall! As soon as the Pumpkin Spice Latte comes out, you should be thinking about it! What most people think of as ‘Open Enrollment’ is actually referred to as Annual Enrollment by all industry professionals. The terms are used interchangeably. It occurs every year from October 15th through December 7th. This is a time where any Medicare Beneficiary can make a change with their Part D drug plan or Advantage Plan. The new plans are then effective January of the next year. Annual Enrollment is not specifically for changes in supplement or Medigap plans. Those can be changed anytime throughout the year. So what does it all mean? What are your options? Do you need to meet with your agent or do anything? What if you like your current plan? What is your part? Here is your guide to what to do with your upcoming Annual Enrollment Period!
Part 1
What changes can you make? You can switch from one stand-alone Part D drug plan to another one with likely lower drug copays for next year. You can change from one Advantage Plan to another with better benefits or a new plan coming to your area. You can go from Original Medicare with a stand-alone Part D drug plan to an Advantage Plan to reduce premiums and gain some ancillary benefits. Lastly, you can leave an Advantage Plan to go to Original Medicare with a stand-alone Part D drug plan, however, this may be subject to underwriting. If you are simply wishing to switch from one Medicare Supplement plan to another Medicare Supplement plan, this can be done any time throughout the year and thus doesn’t need to happen during Annual Enrollment.
Part 2
What if you like your current Part D plan or Advantage Plan? Should you meet with your agent and consider a change? The short answer is ‘yes’! The reason being that even if you like your plan, the plan could be changing for the next year. The features and copays you are used to may not be the same next year. And how will you know what is changing? Well, one way is through a letter sent by the insurance called an Annual Notice of Change. A better way is to meet with your Independent Agent because they participate in hours of virtual and on-site training with the insurance carriers prior to October to learn all of the new features and benefits coming to the area. We also learn about changes to the existing plans for the new year.
Part 3
Did you see that in Part 2? Here it is again: meet with your local Independent Agent! As a Medicare Beneficiary, you are going to get BOMBARDED with cold calls and mailings trying to sell you things you may not even qualify for. We have warned and warned again. Do not fall prey to call centers with ‘newbie’ agents that are five states away and have no idea what your area is like or what your specific needs are. There are countless examples in our industry where Medicare Beneficiaries are lured in by call centers (and commercials) claiming they will get all these things for FREE. They often will get signed up over the phone without even know it. Worse yet, they may even lose some benefits or not even qualify for what they sign up for. DON’T DO IT! Every plan benefit and option that is available to you can be provided by your local Agent. We have all the same access plus personal touch and will be available to you directly.
Part 4
Medicare Advantage Plans are expanding and gaining speed! We believe we will continue to see the Advantage Plan market grow, the networks expand, and the benefits be greatly enhanced. They are already much better than in years past as far as network flexibility, removing prior authorizations, offering plans into more rural territories, etc. We believe and predict that the government would really like Original Medicare to be phased out. We do not have a crystal ball, however, if we follow the trends and watch as the offerings multiply and reach more remote areas, we can see it happening. We will not be surprised if the future landscape of coverage exists mainly in the Advantage Plan space.
Agents are currently undergoing plan training and meetings, so we are prepared to serve clients skillfully during the Annual Enrollment Period. We will be able to reveal plan benefit changes beginning October 1st and can begin meeting with clients and submitting applications on October 15th. AEP is considered ‘tax season’ for insurance agents, so act now to schedule your appointment to review your coverage. Agents want to ensure you are always on the best plan. For more information, email me at carrie@cdi-cares.com or check me out on www.cdi-cares.com.
“Your attitude is either in the way or making a way, and you determine which every day.”o Sam Glenn