AEP.. it’s easy as 1, 2, 3!
The Annual Election Period begins Oct 15th. All existing Medicare recipients can review their current coverage and change plans until Dec 7th. You’ve got choices.
Let’s review the basics:
- Medicare Part A helps pay for hospital costs and Medicare Part B helps pay for physician, diagnostic and other medical costs. Medicare Part D helps pay for prescription drugs.
- Part A is generally available at no cost, but Part B carries a premium. In 2021, it starts at $148, but initial estimates for 2022 start at $158. Unfortunately it looks like your Social Security Cost of Living Adjustment is going to get eaten by the Part B premium increase.
- Part C Medicare Advantage plan combine A, B & D and many of them have no additional cost (beyond the cost of Part B).
- Medicare Supplements are paired with Original Medicare and a stand-alone Part D plan with a total additional cost of $230 or more.
The total monthly premium for your Medicare Solution could vary from $158 a month to around $400. On the low cost side, you get a plan in which you pay no more than 20% for claims in network and with an out of pocket maximum of up to $7000. So that’s pretty good coverage for the money. On the high end of the cost scale, you get a plan that nearly eliminates your out of pocket medical costs (but not your pharmacy costs).
If you have a Medicare Advantage plan, the plan has already sent you the Annual Notice of Change (ANOC) describing in detail how your plan will change. See something you don’t like? Maybe there’s another plan in the market that would suit your better. Maybe you have a new doctor who isn’t in network for your current plan. Maybe your medications have changed? Maybe your financial situation has changed?
Maybe it makes sense to switch, maybe not. But if you bring your existing plan to us, we can take a look at it to help you make the best choice for you. As an independent agent, we represent many different plans. We don’t steer you to specific plans (we get paid the same regardless of which plan you pick and we don’t charge you anything for our time.) Honest advice from a brand you can trust. Wheelers Insurance, since 1864.