The Annual Election Period (AEP) for Medicare beneficiaries is fast approaching and runs between October 15th, 2012 – December 7th, 2012. This is the time of the year when you can make changes to your Medicare Prescription Drug Plan or Medicare Advantage Plans. If thinking about this time of year makes your stomach turn, gives you a headache or keeps you up at night, Balanced Care would like to encourage you to take a few steps to help prepare yourself for this busy time of year so you aren’t caught off guard.
- First of all, it is important to make sure you understand exactly what you can do during this time of year. If you currently have a Prescription Drug Plan, you can change it to a different plan. If you don’t have a Prescription Drug Plan (It is also called Medicare Part D), but you are already enrolled in Medicare, you can sign up during the AEP. If you have a Medicare Advantage Plan, you can switch to another Medicare Advantage plan with another carrier if you wish. You can also disenroll from the Medicare Advantage Plan, return to Original Medicare, and enroll in a Medicare Part D Prescription Drug Plan. If you are currently happy with your plan, you don’t have to do anything further.
- The most important changes that are happening for 2013 are with Prescription Drug Plans. These plans do change each calendar year. If you currently are on a plan, you will receive notice of plan changes around October 1st. Once you receive these notices, you should look it over and see how the changes will affect you. In most cases premium, deductible, and the formulary (lists of medications covered under the plan) can change.
- Compile your list of medications with exact names and dosages. This will be needed to compare plans whether you are doing it yourself or calling on Balanced Care to help you.
On October 1st or shortly thereafter, you can start to look and compare plans that will be available next year through www.Medicare.gov. or calling Balanced Care to help you. October 15th will be the first day you can make changes and this will go on until December 7th. Your new plan will begin on January 1st, 2013.
Balanced Care wants to make sure that you realize that whether you enlist in our help or sign up directly through Medicare and/or the insurance carrier, your premium will still be the same. It is a misconception that this will save you money. CMS (Centers for Medicare and Medicaid) requires annual certification with AHIP (America’s Health Insurance Plans) as well as certification from each insurance company I am contracted with every year. Your protection is something that both CMS and Balanced Care take very seriously.
Keeping up with Medicare is similiar to doing your taxes. If you keep good records, it makes doing your taxes much easier come tax time. Your health should get the same attention. We encourage you to start pulling together the information we have suggested so when the AEP comes, you’ll have less stress, no headaches, and lots of smiles.
Terri Trepanier is the Owner of Balanced Care and a licensed insurance broker in New Hampshire and Maine. Located in Rochester, NH, she specializes in helping individuals and businesses with their Health Insurance, Dental Insurance, Life Insurance, Disability Insurance, Long Term Care Insurance, Medicare Supplemental, Medicare Prescription Drug Plans, Accident, Critical Illness, and Cancer Plans. Terri knows the importance of insurance products and how they help individuals and families. She continually strives to give her clients the Peace Of Mind that each of us deserves.
Balanced Care – Providing Balance, Security, and Peace Of Mind