By now the dust has settled with most of the changes for everyone during the Annual Election Period (A.E.P. = open enrollment) for Medicare 2016.
A few things to keep in mind in the aftermath of the holidays
; anyone on a Medicare Advantage plan that terminated for 2016 (CareMore & SCAN Maricopa County) have the ability of an extended AEP election period until the end of 60 days after termination. In other words until February 29, 2016. This means you can select any of the other Medicare Advantage plans available in your geographic area or market. Our geographic area is Maricopa County for most of these plans.
Another thing that occurred this season is that one of our Medicare Advantage plans in Maricopa County was awarded FIVE STARS ***** on their plan for 2016. What this means is that anyone not pleased with their choice of Medicare Advantage plan during the entire year of 2016 can switch any month to that Five Star plan. It’s an open A.E.P. all year long to switch from your Medicare Advantage plan to this Five Star plan!
Also remember that if you are on a Medicare Medigap (Supplement) you can change your Medigap health coverage plan any month of the year. You may need to answer the medical questions and must have no chronic conditions to be accepted by most other Medigap plans. Why would you go shopping for a change in your Medicare Medigap plan? Because the premiums can change and there may be a less expensive monthly premium for the same Medicare Medigap plan you are currently on!
Prescription Drug Plans (PDP) can only be changed once a year during the Annual Election Period (A.E.P.) otherwise known as the “open enrollment.” There are no medical questions; you just want to research your current prescription drugs to insure you are on the most appropriate plan. Why is this? Drug plan carriers change their premiums, deductibles, and co-pays for medications each year. You might like your plan this year but it could be a totally different plan for the following year. We suggest you check the changes every single year to decide to “stay or go!”
A reminder for all your friends turning 65 in 2016; They will all want to start shopping for their Medicare coverage six months before they actually have a plan go into effect. We highly recommend that they attend one of our popular Medicare Workshops held throughout the valley in advance of making any choices.
The difference between a Medicare Agent and a Medicare Advisor is an Agent works for one insurance company and usually has only one plan to show you. An Advisor/Broker gets certified with dozens of Company plans to help you sift through and find the plan most appropriate for you!
With 100’s of options in Medicare in Maricopa County, don’t you want choice? Of course you do!!
Call us because we’re the American Retirement Advisors! We can help or visit www.123easymedicare.com
(Previous published in the January 2016 Edition of the American Retirement Advisor Newsletter)