medicare AEP mistakes Archives

Avoid These 4 Common Medicare Annual Enrollment Mistakes

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.

Avoid These 3 Big Mistakes During Medicare Open Enrollment

The Medicare Annual Enrollment Period (AEP) is the time to review your current Medicare plan and research what options are available to you. Doing this is the best way to get all the benefits you want for next year, while still saving as much money as possible. But, while you’re doing all this, you need to be aware of three major mistakes that you could make during the AEP that will cost you in the long run. EZ can help you prevent these major mistakes, make the whole process easier, and sign you up for a plan that is right for you, for free.

1. Ignoring The AEP

ignorance written on a sign with a red line through it — *Ignoring the Medicare AEP can lead to some financial losses.*

We get it, the Medicare Annual Enrollment Period is not the most exciting time, but it is a very important time; if you choose to ignore it, you could end up facing some financial and medical consequences. Sure, if you are currently enrolled in a plan, your coverage will just automatically renew, but not reviewing it could result in you either paying more for your plan next year than expected, or getting less coverage then you need. Not only that, but your doctors could be dropped from your current Medicare plan, which will leave you facing a large bill after seeing your doctor in the new year.

The last thing that you need while living on a fixed income is to pay a large, unexpected medical bill for going to a doctor or the hospital. After all, the number of seniors in medical debt continues to climb, with 1 in 4 seniors approaching bankruptcy, according to the Journal of General Internal Medicine, which often results in seniors not filling their prescriptions, skipping meals, and not going to the doctor.

2. Assuming Your Plan Is Great

Probably one of the biggest mistakes that many Medicare beneficiaries make is assuming that the plan they already have is the best plan for them, or that there is no better option. The reality is that new plans are always being made available, with insurance carriers expanding options and coverage all over the United States. There might be another plan in your area that helps you save money and offers more or less coverage, depending on your specific needs; the only way to know this is by actually researching and comparing plans, or working with a licensed Medicare agent.

3. Assuming Your Health Will Not Change

person in a hospital bed with a dr pointing at a monitor screen — *As you age, the more likely you will develop at least one chronic condition that needs medical attention.*

If you are in excellent health, that’s awesome! Unfortunately, though, the reality is that your health could change at any time, and it could happen very quickly. In fact, more than 84% of people aged 65 plus are coping with at least one chronic condition, and often more as they age. When looking at your Medicare plan, you have to take into consideration any and all possibilities that could happen in the next year, including the possibility of your health deteriorating. Remember that Original Medicare does not cover everything, so if you think your health might change, or if you have a history of health conditions, you’ll need to take that into consideration when choosing a Medicare Plan. It’s better to be prepared for the unexpected than to have to pay unexpected bills that could lead to bankruptcy.

What EZ Can Do For You

You can avoid these three major mistakes by working with a local licensed EZ agent. Our agents work with the top-rated insurance companies in the nation, making it easier to compare plans in minutes. We will go over everything, including your current Medicare plan, your medical and financial needs, and all Medicare options in your area. We take the stress off of you by doing all the work for you – and what’s better is that we will do it all at no cost or obligation to you! To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.