Millions of Medicare beneficiaries are in the thick of the Medicare Annual Election Period (AEP), which runs from October 15 to December 7.
According to a July 2022 report from health care consulting firm Sage Growth Partners, only 4 in 10 people review their plan options each year. The truth is, many beneficiaries may not be reviewing their options because they are overwhelmed by the amount of Medicare ads they are seeing and receiving. Some simply don’t understand that different plans may come with different options. This can lead to some big AEP misses!
Here are some common AEP mistakes:
- Not Checking Your Doctors For The Upcoming Year:
If you are enrolled in a Medicare Advantage Plan, you generally must receive medical care from the doctors within your plans network. Before you decide to just stick with the plan you are already in, you want to make sure your preferred medical providers are still in your plans network so you can continue to see them.
2. Not comparing prescription drug plans
Whether you have Original Medicare or Medicare Advantage, your prescription drug coverage comes from a private insurance company, and it may change what it covers each year. Your regular prescription medication may cost more in the upcoming year, or an insurer may not cover it at all. Another plan may cover your prescriptions for less.
3. Being Swayed By Promises Made In Splashy Ads
Medicare open enrollment means Medicare commercials galore, and Medicare Advantage plans have appealing things to offer like no premiums and some coverage for hearing, dental and vision care. Even if a Medicare Advantage plans offers these added benefits, they are usually limited when it comes to what they cover.
4. Waiting too long to ask for help
Medicare open enrollment ends Dec. 7, but you don’t want to wait until the last day — or even the last week — to start your research. If you have questions we can help! Let us do all the leg work for you when it comes to helping you research plans that are available to you in your area. So don’t wait! Call or schedule now before it’s too late!