The best way for individuals who have Medicare coverage to ensure the highest possible value is to compare different plans before switching to the AEP period or the 2014 annual registration period. There are four parts to Medicare insurance plans that include parts A, B, C / Medicare Advantage, and D. AEP does not apply to people who already have Medicare coverage. However, they are not limited to switching during the AEP period, especially if they benefit from switching.
If you currently have Medicare coverage, Medicare Advantage (MA), or package D (prescription), you have one opportunity to make the changes you want once a year during an AEP. This period is called the annual Medicare election period or open registration period. AEP begins on October 15 and ends on Pearl Harbor Day, 2013 (December 7). Any changes you choose will take effect on January 1, 2014.
AEP is beneficial for people covered by Medicare insurance plans because it gives them the opportunity to make any changes they want to their coverage every year if they want to. This means that you can make these changes as your personal needs change. Therefore, you should at least explore these options before the AEP each year to make sure that you have a plan that effectively addresses these needs.
You should ask yourself certain questions when viewing your current coverage before the annual registration period. For example, did you have any long-term illness or medical conditions diagnosed last year, or did any of your prescription drugs change last year? If the answer to this question is "YES", you should take a closer look at your current coverage and consider the possibility of making changes that you will receive during the AEP when you have such an opportunity.
If you have a Medicare supplement plan than the AEP, this is not for you. You have no restrictions on the time of year when you can view your current plan and, if you wish, change plans. It is important to compare Medicare supplement plans with any Medicare Advantage plan so that you understand the difference. Contacting an independent Medicare insurance agent can help you understand all of this.
In conclusion, you should also remember that Medicare plans vary in terms of regularity, as well as their costs. As an example, the price of your current plan may decrease or increase each year. Or, if you have a plan for a drug under plan D, drugs can be added or discontinued on a regular basis. Finally, benefits may change frequently, while other Medicare plans may stop offering coverage based on your geographic location.
