As the year comes to a close, it’s time for Medicare beneficiaries to take action. The Medicare Annual Enrollment Period (AEP) is your once-a-year opportunity to review and change your coverage. But when does it end, and is it worth reviewing your plan? Let’s dive in.
When Does the Medicare Annual Enrollment Period End in 2024?
The Medicare Annual Enrollment Period runs from October 15th to December 7th each year. This window allows Medicare beneficiaries to change their plans, which will take effect on January 1st of the following year. Here’s what you can do during AEP:
Switch from Original Medicare (Part A and Part B) to a Medicare Advantage plan (Part C).
Switch from a Medicare Advantage plan back to Original Medicare.
Change from one Medicare Advantage plan to another.
Enroll in, drop, or switch Medicare Part D (prescription drug plans).
If you miss this deadline, you may have to wait until the next AEP unless you qualify for a Special Enrollment Period.
Why Reviewing Your Medicare Plan is Crucial
Even if you’re happy with your current Medicare plan, it’s a good idea to review it each year. Plans often change, and your healthcare needs may have evolved. Here’s why reviewing your Medicare plan is important:
Premiums and Coverage Can Change: Plans can increase premiums, adjust coverage, or change their provider networks.
New Plans Become Available: You might find a better option for your needs and budget.
Your Health Needs May Have Changed: If you’ve been prescribed new medications or require more frequent healthcare services, you’ll want to ensure your plan still meets your needs.
Medicare consists of different parts, each covering various aspects of healthcare:
Medicare Part A: Hospital insurance, covering inpatient stays, skilled nursing facility care, and hospice.
Medicare Part B: Medical insurance, covering outpatient care, doctor visits, and preventive services.
Medicare Part C (Medicare Advantage): An alternative to Original Medicare, offering bundled coverage often including vision, dental, and prescription drugs.
Medicare Part D: Prescription drug coverage, available as a standalone plan or included in Medicare Advantage.
Key Considerations When Reviewing Your Medicare Plan
As you evaluate your current Medicare coverage, here are some critical questions to ask:
Have Your Healthcare Needs Changed?Are you visiting the doctor more frequently or using new healthcare services?
Are Your Prescription Drugs Still Covered?Check if your current plan covers all your medications at an affordable rate.
Has Your Provider Network Changed?Ensure your preferred doctors, specialists, and hospitals are still in-network.
Are You Getting the Best Value for Your Premiums?Compare your current plan with others available in your area to see if you can get better coverage for the same or lower cost.
By taking the time to review these factors, you can ensure you’re not overpaying or missing out on important benefits.
How Preferred Senior Benefits Can Help You
Navigating the complexities of Medicare can be overwhelming, but that’s where we come in. At Preferred Senior Benefits, we specialize in helping you make the most informed decisions about your healthcare coverage.
Here’s how we can assist you:
In-Person Consultations: Do you prefer face-to-face guidance? Visit one of our local offices for personalized assistance.
Phone Support: Speak with one of our knowledgeable agents from the comfort of your home.
Virtual Appointments via Zoom: Can’t make it in person? We’ll meet you online, ensuring you get the same expert advice.
We’ll review your current Medicare plan, discuss any changes in your health or financial situation, and help you explore your options for Medicare Part A, Part B, Part C, and Part D. Our goal is to find the right coverage that fits your unique needs.
Don’t Wait—Schedule Your Medicare Plan Review Today
With the December 7th deadline fast approaching, now is the perfect time to schedule a no-cost Medicare plan review with Preferred Senior Benefits. Whether you prefer to meet in person, chat over the phone, or connect via Zoom, we’re here to help you make the best decision for your healthcare needs.
Call us today or visit our website to book your appointment. Let us take the stress out of Medicare so you can focus on what matters most—your health and peace of mind.
About Preferred Senior Benefits in Meridian, Idaho
Medicare is a federal program that provides healthcare coverage to individuals 65 years or older. Original Medicare coverage is broken into two parts—Part A and Part B—and is accepted by nearly every doctor and hospital in the country. Medicare Part A covers inpatient or hospital stays, while Part B covers outpatient or medical care. Together, Part A and B cover about 80% of the typical healthcare costs seniors face. This leaves a few significant gaps in coverage. Medicare Supplement (Medigap) and Medicare Advantage plans are policies designed to help extend coverage, lessen costs, and ultimately give beneficiaries peace of mind. If you or someone you know would like more information about how to enroll in Original Medicare or one of the Medicare Advantage plans, call now to speak with a licensed agent (208) 818-2523. We can’t wait to help you learn about your options.
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