Already October! It is so hard to believe that we are officially in the last quarter of 2018.
We are also fourteen days away from the Annual Election Period for Medicare beneficiaries and one month away from the Open Enrollment for Health Insurance.
What exactly does this mean?
Regarding the Annual Election Period (AEP), this is the time of the year that individuals on Medicare who have either a Medicare Advantage Plan or a Medicare Prescription Drug Plan can look at plans for the following year. Things that you look for are items such as premiums, deductibles, co-pays, formularies, and networks. AEP begins on October 15th and ends on December 7th. In my view, anyone on a Medicare Advantage plan or that has a Medicare Prescription Drug plan should review their plan this time of the year every year.
In some circumstances the plan that you currently have will still be a good option for you, however, it’s important to know of changes. Another plan could not only save you money, but affect the outcome of where you go to get your health care in the case of a Medicare Advantage plan.
Starting today, brokers can show you the plans for 2019. We can share the changes to your current plans, look up medications and networks, and show you other plans in your area. We cannot sell anything to you until October 15th, but these next two weeks are a good opportunity to call Balanced Care to start the process. Letting us know your prescriptions, dosages, and doctors are just one way we can help you look at your plan options.
Starting on November 1st, the Open Enrollment for individuals and families that are looking at health plans for 2019 begins. It will end on December 15th.
Just like with Medicare beneficiaries, there are a few things you can do now to prepare for November 1st. If you have a plan and purchased it through the exchange (healthcare.gov), this would be a good time to put together your household information such as social security numbers, dates of birth, and if they work, financial information. Financial information would include income information and tax and wage statements. If you had a plan through the marketplace in 2018, the plan will send you information on changes to premiums, deductibles, etc.
Again, you may not need to change plans just like with Medicare beneficiaries, but it always a good idea to be an advocate and know what to expect with any out of pocket costs.
This is always the busiest time of the year for Balanced Care. We are prepared and ready to help you.
As Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.”
The countdown is on for this busy time of the year. Let Balanced Care help you prepare for success in your health and well being.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.