If you are on Medicare and have either a Medicare Advantage plan or a Medicare Prescription Drug Plan, you have received your Annual Notice of Change Letter from your insurance company.
This letter goes over any changes to your plan in the year 2020 and includes changes on premiums, deductibles, co-pays, and networks.
The reason the letter goes out is because in just two weeks, the Annual Election Period (AEP) will begin. This is the only time of the year that you can review what you currently have, compare it to what is being offered, and change plans if it makes sense for you to do that. AEP will begin on October 15th and run until December 7th.
What can you do during this time frame? This question comes up often so to help you know what exactly can be done, I’ve broken it down for you.
If you currently have Original Medicare which is just Medicare Part A and Medicare Part B, you can:
- Switch to a Medicare Advantage plan with prescription drug coverage
- Switch to a Medicare Advantage plan without prescription drug coverage
- Join a Medicare Prescription Drug Plan if you currently don’t have one
- Switch from one Prescription Drug Plan to another
- Stay with what you currently have
If you currently have a Medicare Advantage plan, you can:
- Switch back to Original Medicare
- Switch from one Medicare Advantage plan to another
- Switch from one Medicare Advantage plan that has prescription drug coverage or visa versa
- Stay with what you currently have
There are many reasons why people may want to change plans including:
- You don’t like the plan changes for the next year
- Your monthly premium is going up
- Your doctor is no longer in the network
- The plan is dropping one of the medications you take on a regular basis
If you are unsure of what steps need to be taken to make a change and/or stay with your current plan, we encourage you to reach out. Even if your current plan is working, it’s a good idea to review the changes that will happen with your plan. After December 7th, you will not be able to make changes so it’s important to take the necessary steps to make sure your Medicare Advantage or Medicare Prescription Drug plan is working for you.
Today is the first day that we can talk about the new plans coming for 2020. Give us a call today at 603-817-3949 to make an appointment, go over your current plan, and go over options that may help you save money on premiums, deductibles, and co-pays on prescriptions.
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 insurancCare is to “Insure Security and Peace of Mind One Family at a Time”.