The Medicare Annual Enrollment Period (AEP) is a crucial time of year for Medicare recipients to reevaluate their coverage and make necessary changes. This period, which runs from October 15 to December 7 annually, offers the opportunity to find more affordable coverage, reduce prescription drug costs, or even get more coverage for a similar price. To help you make the most of the AEP, we’ve identified three common mistakes to avoid.
- Ignoring Your Medicare Annual Notice of Change (ANOC)
The Annual Notice of Change (ANOC) is a vital document sent to Medicare beneficiaries, outlining any upcoming changes in plan coverage, service area, or costs starting in January. Don’t overlook this document; it provides insight into what adjustments you may need to make to your Medicare plan. According to a survey in 2020, 46% of beneficiaries did not review their current plan’s coverage. It is important to take the time to review your ANOC to help ensure you are properly covered in the upcoming year.
- Not Considering Prescription Drug Coverage (Medicare Part D)
Even if you don’t currently take prescription medications, signing up for a Medicare Prescription Drug Plan (Part D) is essential to avoid potential late penalties in the future. The only exception is if you have creditable drug coverage from another source.
Don’t forget to compare your plans! Fewer than 2 in 10 Medicare Advantage prescription drug plan (MA-PDs) enrollees (18%) and 3 in 10 stand-alone prescription drug plan (PDPs) enrollees (27%) compared their plan’s drug coverage with drug coverage offered by other plans in their area. To help minimize costs, select a Part D plan with the lowest premium and adjust it as your medication needs change. Alternatively, consider a Medicare Advantage plan with built-in prescription drug coverage for comprehensive benefits.
- Not Being Alert to Medicare Scammers
Medicare fraud is a sad reality, and beneficiaries need to remain vigilant. Protect your personal information, including your Social Security number, bank account details, and Medicare ID number. Only share this information with authorized individuals and trusted sources. Beware of scammers seeking to exploit your Medicare information.
The Medicare Annual Enrollment Period is a valuable opportunity to optimize your healthcare coverage. By avoiding these common mistakes and staying informed, you can make the most of this period and secure the benefits you deserve. Be proactive in reviewing your options, considering prescription drug coverage, and safeguarding your personal information to ensure a smooth and beneficial AEP experience.
Contact us today to schedule your Medicare coverage review appointment to ensure the proper benefits are in place for 2024.