What Really is the Annual Enrollment Period?
By Janis Van Ahn
Owner/Advisor, Health Insurance Advisor, LLC
Hopefully, you have read my first two blogs that talked about Medicare Supplement and Drug plans and the difference with Medicare Advantage plan designs. The last of this series will talk about the Annual Enrollment Period and what can really happen here.
The prescription drug plans and Medicare Advantage plans have an Annual Enrollment Period from October 15 through December 7, to change from Prescription Drug Plan (PDP) to another PDP or Medicare Advantage Plan (MAPD) to another MAPD without medical questions. In addition, a consumer can change from a Medicare Supplement and PDP to a Medicare Advantage MAPD during this time without questions. Let’s talk about that first.
You are reading this article after having read the other two and thinking, “Hmm… I have a supplement that I am paying a monthly premium for, without enough medical expenses to justify the monthly costs. Maybe I want to ‘try’ a Medicare Advantage (MAPD) plan. What is that like?”
During the Annual Enrollment Period, if you have not been on a MAPD before, a consumer can have a ONCE in a lifetime ‘trial period’ for an Advantage plan. This means that if someone enrolls in a Medicare Advantage Plan during the enrollment period for a January 1 effective date, they have until October 31 of that calendar year to ‘try’ the advantage plan. At any time before October 31, they could decide they do not want to stay in the Advantage plan, and they could go BACK to their supplement plan and a prescription drug plan WITHOUT medical questions. This is a GREAT opportunity to ‘try’ the advantage plan. Maybe it is for you, maybe you find it is not.
The more common opportunity during the Annual Enrollment Period (AEP) is to simply change drug plans for the upcoming calendar year. This timeframe allows someone the opportunity to work with a licensed agent, SHIIP (Senior Health Insurance Information Program) volunteer or enroll individually through www.medicare.gov for the upcoming calendar year. The benefit of working with a licensed agent is that they are your advocate if you have billing or claims questions. You can reach out to them rather than 800-carrier for answers.
At Health Insurance Advisor, LLC., we have three individuals who are versed in the Medicare market. We discuss with you what is in your best interest, starting with educating you of the coverage available and what you are comfortable in having for coverage. We would be glad to meet with you and explore the different types of coverage, because maybe you didn’t have an explanation or maybe you just picked a plan because that was the easiest. Let’s review, like Foster Group does with your money, and see really what is in your best interest. Beth, Linda and I look forward to having the discussion with you!
Janis Van Ahn has owned Health Insurance Advisor, LLC since 2010. She is an independent insurance agent specializing in health insurance within the Medicare market, small group business and Affordable Care Act individual coverage. She has been licensed and has worked in health insurance for over 20 years. Janis has a staff of six employees. She and her husband, Randy, have a blended family of seven. When not working, Janis and Randy like to visit his hometown of Grinnell and the family acreage, travel or just relax. Janis may be contacted at 515.225.9994 or at jvanahn@health-insadvisor.com.
Please Note: This blog post is provided for information purposes only and may not be applicable to the reader’s current individual situation. You should not rely upon the material as a basis for making any business, legal, or other decisions. Health Insurance Advisor, LLC is not affiliated with Foster Group. No Foster Group client is obligated to engage Health Insurance Advisor, LLC. Any such engagement will be separate and independent of the services provided by Foster Group. Foster Group does not serve as an attorney, accountant, or insurance agency. Foster Group does not prepare estate planning documents or tax returns, nor does it provide accounting advice or sell insurance products. ADDITIONAL INFORMATION regarding Foster Group is available at www.fostergrp.com/disclosures. A copy of our written disclosure Brochure as set forth on Part 2A of Form ADV is also available at www.adviserinfo.sec.gov.