We’re in the Annual Election Period, making you eligible to modify your supplemental and Part D plan. If you’re wondering about whether or not you should make a change, the information in this article will help you determine if you should shop for a new plan.
There are a few reasons why people on Medicare may wish to change their coverage:
- Medical needs have changed – If you’ve stopped taking some medications, added some, or your drugs are now available in a generic form, you could save money by increasing or decreasing your Medicare coverage. Also, if you have any surgeries planned for 2015, such as knee replacement, you’ll want to ensure you’re on the right plan to get the coverage you need.
- You’ve changed doctors – Sometimes changing doctors is necessary. If you found someone you like but their practice is out of network, updating your plan could help pay for visits to your doctor.
- You moved – Moving, even within the same state, can cause certain physicians and facilities to be out of network.
Some things to keep in mind about AEP:
- It starts on October 15th, 2014
- You can change your supplemental and Part D plans
- Your effective date will be January 1st, 2015
- Many carriers offer different coverage – it pays to shop around!
This is a great time to review your needs and benefits to make sure you have the right insurance for next year. If you are new to Medicare, the Annual Election Period does not apply to you. You will have an Initial Election Period, which runs on a different time frame.
Did you know that there isn’t an extra cost to having your own insurance broker? Contact me at 952-492-5013 with questions or plan recommendations for 2015 or visit Shorelineinsurancegroup.com for more information! Start the process now by filling out a Quote Request Form.
photo credit: Christopher Dick via photopin cc