Getting Ready for the 2022 Medicare Annual Election Period!
The Medicare Annual Election Period (AEP) runs from October 15 through December 7. During the AEP, people already on Medicare have the opportunity to enroll in or change their Medicare Advantage Plan or Part D Drug Plan for 2022. If you enroll in a new plan during the AEP, it begins on January 1, 2022.
The focus of this blog is your Part D Drug Plan! If want to learn more about Medicare Advantage Plans– please call Bill Eisen at (847) 675-3600 at GM Goldman & Associates during the month of September to connect you to an agent. We know those Joe Namath commercials incorrectly telling you “Medicare Advantage is free” will be filling your airways soon. We can explain how Medicare Advantage Plans work and explain the real costs associated with a plan to help you figure out if its right for you!
Review Your Part D Drug Plan
In addition to offering annual price reviews on your Medicare Supplement plans, we help our clients determine if they are in the most cost effective drug plan. Not everyone needs to change plans annually but it’s important to go through certain steps to make sure you are in the right plan.
Why is this exercise so important?
PART D DRUG PLANS CHANGE EACH YEAR! Each year the companies that provide Part D coverage to Medicare beneficiaries have to renew their contract with Medicare and they can change the following:
- The Premium
- The Copays
- The Deductible
- The Preferred Pharmacies
- The Drug Formularies
How will you be informed of the changes?
Every year, in September, you will be sent a packet by your Part D provider called the ANNUAL NOTICE OF CHANGES. The packet will include information on any changes to the plan for the following calendar year. We have had many conversations with clients who have stated they don’t recall receiving this packet! In September, you need to watch for this packet in the mail and read about the changes to make sure the plan still meets your needs for next calendar year.
Do you need to change your drug plan?
Not every one needs to change plans annually! How do you know if you need to consider enrolling in a new plan?
If you have added new medications in 2021, you definitely need to make sure your drug is covered under your existing plan. If you do not have any new medication, review the Notice of Changes document to see if there are any major changes to the plan. If there are, then reach out to Bill Eisen at GM Goldman & Associates at (847) 675-3600 to set up a time to review your plan options!