Have you heard the news? Yes, that’s right! The Annual Election Period (AEP) is October 15 through December 7. What can you do during this time? The Annual Election Period (AEP) is the Annual Open Enrollment period when Medicare Beneficiaries can review and change Medicare prescription plans and/or Medicare Advantage plans. You may be thinking “Why would I want to review or consider changing my plan when it’s working great?” Your plan will change January 1, 2018. Changes include your premium, the drugs that are covered, the copays, the deductible and which drugs the deductible applies to. You should have received your Annual Notice of Change from your current plan and hopefully you’ve looked at the 2018 version.
When I met with Ruth, she gave me her updated list of drugs. She did not have any medical changes since last year and her prescriptions had not changed. We looked at her current plan and the other 22 plans. She can save over $200, if she changes prescription plans! Ruth brought two friends with her. Her sweet, precious friend had lots of medical changes since last year and her prescriptions have changed. When we compared her current plan to the 2018 plans, she can still use her same pharmacy and save $550 by changing plans. She already knows where she’s going to spend her savings. Her other friend who is very energetic and spry does not take any medication. After reviewing her current plan with the 2018 plans, she is well served to keep the plan she has. Which of these are you? No medical changes and no prescription changes? Medical changes and prescription changes? Don’t take any medication? More news! Hold on because things are getting ready to change! Due to the potential risk of medical identity theft, the Center for Medicare and Medicaid Services (CMS) is required to remove Social Security Numbers from Medicare ID cards. This means everyone will be mailed a NEW Medicare ID card. Yes, you will be getting a new Medicare red white and blue card. The new ID card will look different – it will still have Medicare Health Insurance across the top and it will still have your name on it. Your Social Security number will be replaced with a Medicare Beneficiary Identifier (MBI) which is a series of numbers and letters. CMS will begin mailing new Medicare ID cards April 1, 2018 through April 1, 2019. Until then don’t forget the Annual Election Period is only one (1) time a year. It is the only time of the year that every Medicare Beneficiary has the option to review and make changes to their prescription plan and/or Medicare Advantage plan. Feeling unsure about the thought of making a change? I’m happy to help you make confident decisions about your health care. It may be costly to you to have an outdated plan. I invite you to call me at 501-868-6650 and say “Caroline, can we talk and review my plan?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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