To say times are changing is almost an understatement today, right? Lots of changes are taking place and more is about to change. Yes, it’s the Annual Election (Enrollment) Period (AEP) for Medicare beneficiaries.
“How can I improve what I have now?”, Ruth asked at lunch. Ruth had lots of questions in anticipation of the AEP. “Are there better choices for me in 2022?” Better choices may lead to better decisions that affect your wallet, ease of getting medical care and protect your family. How do you know if you could be spending less and be more efficient? As Ruth and I do every year, review your current Medicare prescription plan and/or Medicare Advantage plan. From October 15 through December 7, you can review your Medicare prescription plan and/or Medicare Advantage plan and make changes. Your 2021 plan will not stay the same for 2022. All Medicare prescription and Medicare Advantage plans are subject to change January 1 of every year. What can change? Your monthly premium, the copay you pay for each prescription, the drugs that are covered, your deductible and the pharmacies. If you have a Medicare Advantage plan, you need to look further. Will your doctors still accept your plan in 2022? What is the maximum you can be out-of-pocket in 2022? In addition to changes to your plan, your situation may have changed. Do you take the same prescriptions you took last year? Take more prescriptions? Take fewer prescriptions? Do you see different doctors or more doctors? Even if you take more prescriptions, see more doctors, or have more conditions than you had last year, you may make changes without answering any medical questions – you are GUARANTEED to be able to change plans. How do you compare your current plan with other plans available in 2022? Make a list of your prescriptions, including the name of the drug, dosage, how often do you take it, how often do you get it filled and what pharmacy you use. With a Medicare Advantage plan, include the doctors and hospitals you use. What county do you live in? (You must reside in the service area that a Medicare Advantage plan is offered; all plans may not be available in your county.) Once you’ve made your list, then what? Contact a professional, full-time health insurance agent certified to discuss these plans with you. Even though Ruth has a Medicare Supplement plan, every year she asks about changing her Medicare Supplement plan during the AEP. Guaranteed changes during the AEP do not include changes to your Medicare Supplement plan. Guaranteed changes during the AEP are only related to Medicare Prescription plans and Medicare Advantage plans. How is your current Medicare Prescription plan or Medicare Advantage plan going to work out for you in 2022? Will it still meet your needs? Fit your budget? Call someone who cares about you to find out. Questions? Call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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