Medicare’s Annual Enrollment Period (AEP) is right around the corner. Now’s the time to review your health care needs for the coming year and make sure you’re getting the right Medicare coverage for your health requirements and budget. Silvur Insurance is here to help! Read on to learn how to get no-cost assistance from our dedicated Medicare team.

‍Annual Enrollment Period Overview

Medicare’s AEP runs from October 15 – December 7 every year. During this period, you can join, drop, or change your existing Medicare plan. If you are a current Medicare Plan beneficiary, you will receive your Annual Notice of Change (ANOC) in September. This mailing (or email) from your insurance carrier will detail any changes in coverage, prescription drug plans, costs, rules, or service area that will take place in January. With a limited timeframe to review your options, being prepared for AEP is key to finding the plan that is best for you.

How to Prepare for Annual Enrollment Period

Review your Annual Notice of Change (ANOC)

Once you receive your ANOC from your current insurance carrier, make sure to read it carefully, so you’ll fully understand any plan changes for the next year, including all covered medications, doctors, and specialists. These changes can have a direct impact on your healthcare coverage decisions during AEP.‍

Outline Your Healthcare Needs for the Next Year‍

The plan that worked for you last year, may not address your healthcare and lifestyle needs in the coming year. As you review your ANOC, consider the following factors:

Changes in Health

• Has your health changed?

• Were you newly diagnosed with a chronic condition?

• Are you going to need to see specialists in the upcoming year?

• Will you need surgery, like a knee or hip replacement?

• Do you want extra coverage for hearing, dental or vision?

Medications

• Does your current plan cover the prescription medications you need?

• Were you prescribed any new medications or taken off any previous medications?

• Is your pharmacy considered “preferred” with your current plan?

Provider Networks

• Are your preferred healthcare providers and facilities in your network?

• Is your provider list up to date?

• Will you need to see any doctors outside of your service area in the upcoming year?

Costs

• Does your plan cover out-of-network services? At what cost?

• How much will you have to pay in premium and copays/coinsurance?

• How much will your prescriptions cost?

• What is your out-of-pocket maximum?

• Does your plan participate in a Medicare Buy Back/Give Back program?

Know Your Options

Now that you’ve evaluated what kind of coverage you will need next year, you can assess your options. Here are the changes you can make during the Annual Enrollment Period:

• Switch to Medicare Advantage from Original Medicare, Part A and Part B

• Change from one Medicare Advantage plan to another

• Enroll in a Part D prescription drug plan

• Switch from one Medicare prescription drug plan to another

Find Your Plan

Comparing plans can be overwhelming! It can be very helpful to work directly with a licensed insurance agent who can help you choose the plan that is right for you.

Your partners at Silvur Insurance are here to help and can meet with you one-on-one, over the phone, or even virtually - all, at no cost to you!