The Annual Enrollment Period (AEP) is a great opportunity for you to make positive changes to your current Medicare coverage. Let’s take a look at 3 easy steps you should take to determine if you should make changes during the AEP.
Determine Your Own Health Needs
Your insurance needs depend on your health. You don’t want to pay for coverage you don’t need, but you also do not want to go without necessary benefits if they become necessary later on.
Prior to the AEP, all Medicare beneficiaries should consider their current health status—say, for instance, you developed a condition that requires different prescriptions than are covered by your current plan. In that case, you should consider taking advantage of the AEP.
Review Your Current Coverage
Now that you have considered your health needs, you can search for potential changes that would provide the necessary benefits to treat them.
If your coverage is lacking in one area, you may need to add a Part D or Advantage plan. On the other hand, you may also find that you have too much coverage. In that case, you may want to disenroll in one of your additional plans (if there are any).
Compared to the previous example, say instead that you instead no longer need a prescription covered under your current plan. Rather than upgrading or staying with the same plan, consider going down a tier or disenrolling, if necessary.
Compare Plans and Carriers
Once you are aware of your health and current coverage, you should know whether or not you need to make changes during the AEP. If you do decide to make changes, the final step would be to compare different plans and carrier options in your area.
For Original Medicare, these options don’t make much of a difference, as they are set at a relatively universal rate for all beneficiaries. There can, however, be differences in cost for Medicare Advantage and Part D plans from different insurance providers—so, be sure to check out all of your options to make your changes effective during the AEP.
Ready to Make Changes to Your Coverage? Call Trusted Senior Specialists
With these steps, you’ll be on the right track to finding the best Medicare coverage for your health and budget. But, how can you be sure you have found the best?
Don’t hold back on great coverage because you’re unsure. Whether you are ready to pull the trigger on a plan or still have more questions, we’re here to help — for free insurance advice, call Trusted Senior Specialists at (855) 952-1941.