Medicare Annual Open Enrollment Period 2023
7 Expensive Mistakes Retieree’s Make during Medicare AEP
Medicare’s Open or Annual Enrollment Period in 2023 is almost here! Medicare’s Annual Enrollment Period (AEP) starts on October 15th, 2023 and is an important time for checking and changing coverage. But people often make mistakes that can impact their health and money. We’ll delve into the significance of the AEP and shed light on seven common mistakes to steer clear of.
Understanding the Medicare Annual Enrollment Period
The Medicare Annual Enrollment Period runs from October 15 to December 7 each year. It’s a time when people with Medicare can change their plans. You can pick Original Medicare or a new Medicare Advantage plan. You can also change how you get your prescription drugs through Medicare Part D.
Mistake 1: Not Reviewing Your Current Plan
Don’t assume your current plan will stay the same. Plans change each year. Check your plan, see what you need, and make sure it still works for you.
Mistake 2: Overlooking Prescription Drug Coverage
Failure to review your prescription drug coverage can lead to unexpected costs. Ensure your plan still covers the medication you need, as drug formularies can change. Failing to check this could result in higher out-of-pocket expenses.
Mistake 3: Ignoring Changes in Healthcare Needs
Your health situation can change from year to year. Failing to consider these changes might mean missing out on benefits that better suit your new needs, or paying for coverage you no longer need.
Mistake 4: Not Exploring Other Plans
Limited exploration of other plans is a common oversight. During AEP, you can look at different choices and find a plan that is cheaper or covers more things you like.
Mistake 5: Disregarding Network Changes
Networks of doctors, hospitals, and specialists can change within Medicare Advantage plans. If your favorite doctors are not in the plan’s network it might cost more, or you may need to find a new doctor.
Mistake 6: Focusing on Premiums
While premiums are an important factor, they aren’t the only consideration. Low premiums might come with higher deductibles and copayments. Check all costs of the plan, including potential out-of-pocket expenses.
Mistake 7: Procrastinating
Waiting until the last minute to make changes during the AEP might result in missing out on beneficial options. Start the process early to allow time for research, decision-making, and enrollment.
Navigating the Annual Enrollment Period alone is difficult and time consuming. Exact Medicare will walk you through the process to ensure you are in the right plan for you. Call us at 380-242-2006 or schedule an appointment at ExactMedicare.com.