If you are new to the Medicare Annual Enrollment Period (AEP), which begins October 15th and ends December 7th, it might seem overwhelming or confusing at first. But it’s important to take the time to compare your options during this enrollment period, otherwise you’ll most likely be leaving money on the table. You might end up paying too much in premiums or miss out on a great plan that could save you money and give you the extra coverage you need.
Even if you are not new to the Medicare Annual Enrollment Period, there are certain mistakes that you should avoid making that could cost you next year.
1. Not Checking If the Annual Enrollment Period Is for You
The Medicare Annual Enrollment Period is often confused with Medicare Open Enrollment, but these are two separate things. Medicare Annual Enrollment is for people who have already enrolled in Medicare and want to switch from Original Medicare to Medicare Advantage or vice versa. You can also switch from one Medicare Advantage plan to another, or from a Medicare Part D prescription drug plan to another.
On the other hand, the Medicare Open Enrollment Period is your 6-month period when you turn 65; at this time, you can enroll in Medicare for the first time.
2. Overlooking Changes In Your Life
It is very important to analyze any changes in your life, including changes to your medical needs and financial situation when determining what you need to do during the AEP. Your medical or financial situation may have changed over the past year, which means your coverage will also need to change. For example, if you have gotten married or lost a spouse, your income tax is lower than expected, or you have developed a medical condition that requires more medical coverage, you will need to reassess your coverage. You will need to find a plan that fits your budget and still meets your needs.
3. Assuming Your Providers Will Be in Network Next Year
This is a very big mistake that many Medicare beneficiaries make going into the new year. Every year, your current Medicare plan will undergo changes, and one of these changes could be changes to your network and who is covered by your plan. Your current doctors and preferred pharmacy may no longer be in your plan’s network for the following year, so it is important to double-check in case you need to change plans for next year.
4. Focusing On Premiums Alone
When looking to save money, people will often focus on the price of premiums alone. They won’t factor in the out-of-pocket cost of Medicare, including co-pays, deductibles, and coinsurance costs. But when searching for a plan, it’s important to include all costs that are going to end up coming out of your pocket, so you know what to expect and know you can afford it. That way you can also choose the plan that covers everything you need it to cover, even if it’s not the cheapest plan.
If You Need Help…
If you’re finding that Original Medicare isn’t enough for you, a Medicare Supplement Plan is a great option to look into. A Medicare Supplement Plan can help you pay for the medical expenses that aren’t covered by Medicare Part B. One of these plans can help you save hundreds, or maybe even thousands of dollars each year.
There are 10 different plans to choose from, and depending on which plan you choose, you could get anywhere from 75% coverage of your medical expenses up to 100%. Each plan offers a range of coverage at different price points and can help save you money and keep you from stressing over medical bills, leaving you with more time and energy to focus on your health.
EZ can compare all 10 Medicare Supplement Plans and find the one that will meet your financial and medical needs. Our agents work with the top-rated insurance companies in the nation, which makes comparing plans easy, quick, and free – our services come at no cost to you because we just want to help you save money so you can focus on your health. To get free instant quotes on plans that cover your doctors, simply enter your zip code in the bar above, or to speak to a local licensed agent, call 888-753-7207.