Medicare’s Annual Enrollment Period runs October 15 through December 7th. If you’re currently enrolled in Medicare, these six trends matter to you right now. Start reviewing your options early – waiting until the last minute could mean missing deadlines, or worse, coverage gaps.
Medicare’s Annual Enrollment Period is from October 15 through December 7
Between October 15 and December 7, you can make changes to your Medicare Advantage (Part C) coverage, Prescription Drug Plan (Part D) coverage, or return to Original Medicare from a Medicare Advantage plan. After December 7, your options disappear until next year – unless you become eligible for a Special Enrollment Period, due to something like a move or loss of coverage.
Start reviewing your options now. Waiting until late November or early December puts you at risk of missing deadlines, dealing with long phone holds, or settling for a plan that doesn’t quite fit your needs.
What to do: Gather your current plan documents, your list of medications, and a log of all your doctors. Compare all options, including your current plan, early. If you feel confused or uncomfortable, an independent health insurance broker can help you evaluate your options. That’s important, because…
Some Medicare Advantage plans are reducing their service areas
For a variety of reasons, Medicare Advantage insurers are facing financial problems. To address those challenges, they primarily have three options: to reduce benefits, raise premiums, or reduce the areas they operate in.
Many insurers are using a mix of all three approaches.
In Michigan, even some of the most popular plans are facing partial or complete closures. If your plan is no longer available in your area, you should have received notice in September. That letter entitles you to a Special Enrollment Period, which would allow you to enroll in a new plan for 60 days after your plan ends – in January or February. You would also have special rights to purchase a Medicare Supplement policy without being subject to medical underwriting.
However, to avoid any coverage gaps, we strongly encourage you to make an enrollment decision before December 7.
What to do: Save the letter from your carrier. If you decide to use your Special Enrollment Period, you’ll be required to submit this letter to your new insurer. If you decide not to use your Special Enrollment Period, make a plan change during AEP. That will help you avoid any coverage gaps.
Your medical and prescription drug benefits may be changing
As we said above, carriers are reacting to financial stress by reducing benefits and/or raising premiums. By September 30 of each year, your Medicare Advantage or Prescription Drug Plan is required to mail you an Annual Notice of Change (ANOC) letter.
The letter details changes to your plan premium, medical and prescription deductibles, copays and coinsurance. It will also highlight whether the participating doctors and hospitals have changed, and whether there are any changes to how prescription drugs are covered.
What to do: Read your ANOC carefully, if you haven’t already. If you’re uncomfortable with any of the changes or find that your doctors or prescription drugs are no longer covered, you should start comparing all your options
Your dental, vision, hearing, and over-the-counter allowances may be changing
Many Medicare Advantage plans offer supplemental benefits, like allowances for dental, vision, and hearing care. These services are typically not covered by Original Medicare.
As carriers try to right their financial ships, though, these benefits are among the first to be reduced or eliminated. Carriers are not required to list changes to these benefits in your ANOC letter – meaning you’ll have to do your own digging to find out what benefits you may have in 2026.
What to do: Summaries of Benefits and other plan materials should be available on your insurer’s website. Those documents are required to list these benefits. See whether and how these benefits will be offered next year, and if you can afford the care you need with your new allowances. If not, it’s once again time to start comparing your options.
Avoid phone calls you’re not expecting
Medicare predators call unsuspecting enrollees to steal personal information, pressure them into plans that don't cover their doctors, or sign them up without permission. There are a few red flags to watch for:
- Unsolicited calls offering "free" Medicare reviews
- Callers asking for your Social Security number or Medicare number upfront
- Pressure to enroll immediately
- Someone claiming to represent Medicare (Medicare itself never calls you)
No legitimate, compliant Medicare agent will contact you without your permission first. Period.
What to do: Hang up on unsolicited calls. If you want help reviewing your options, call an independent health insurance broker you know or can verify. Don't give personal information to anyone who reaches out to you. If you've already shared information with a suspicious caller, contact your bank and Medicare directly to monitor for fraud.
This is not the time to change Medicare Supplement Policies
If you’re one of the ~48% of Medicare enrollees that remain on Original Medicare and have purchased a Medicare Supplement, this Annual Enrollment Period is not for you. Although you may feel pressure from mailings, Jimmie Walker commercials, or bad actors, you should know that Medicare Supplements have different rules.
These plans have no annual enrollment period (at least in Michigan), and so making a change at this time could force you through medical underwriting. Carriers could charge you more and deny you coverage – even if you’re moving to a similar plan to the one you have. Paying more for the same coverage is not a good deal for everyone.
What to do: If you’re in a Medicare Supplement plan, stay put. Do not change to another one at this time, unless your financial circumstances or interest in Medicare Advantage have changed. An independent health insurance agent can help you make an informed choice about your next steps.
Independent insurance brokers, like Action Benefits Insurance Agency, can help you make sense of it all
Some insurance agents are employed by an insurer and only offer their plans. Independent insurance brokers, like those at Action Benefits Insurance Agency, are not beholden to any one carrier. Instead, they search a variety of options to help consumers find a plan that matches their needs. Your friendly team at Action Benefits Insurance Agency represents plenty of reputable carriers and dozens of products. To see if one of them might be a good fit, contact us today.
Action Benefits : Feb 23, 2024 11:29:10 AM
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