Countdown to AEP: What to Do Before October 15
Medicare's Annual Enrollment Period, or AEP, begins October 15 and runs through December 7 each year. During this time, Medicare beneficiaries can review their coverage and make changes for the following year. Changes made during AEP generally take effect January 1.
While October 15 is the official start of AEP, there are several things you can do now to prepare.
Start Gathering Your Medicare Documents
Before meeting with a Medicare professional, gather the information you will need for a complete review.
Keep these documents handy:
- Your current Medicare Advantage or Part D plan information
- Your Annual Notice of Change (ANOC) when it arrives
- Your Medicare card
- A current list of your prescription medications
- Your preferred pharmacy information
- A list of your doctors and specialists
- The names of hospitals and healthcare systems you regularly use
- Any other insurance information that may coordinate with Medicare
Your current plan's ANOC is particularly important because it explains changes to your plan's costs, coverage, benefits, providers, and pharmacies for the upcoming year. Medicare recommends reviewing these materials each year.
Review Your Prescription Medications
Make a current list of every prescription you take, including the dosage and how often you take it.
Prescription coverage can change from year to year. A medication may have a different cost, coverage tier, or coverage requirement under your plan for the upcoming year.
Having an accurate medication list will make comparing plans much easier.
Make a List of Your Doctors
Write down the doctors and specialists you want to continue seeing, along with the hospitals or healthcare systems you prefer.
If you have a Medicare Advantage plan, network participation can be an important part of your decision.
Find Your ANOC
If you have Medicare Advantage or a Part D prescription drug plan, watch your mail for your Annual Notice of Change. Plans generally send these materials in September. (GovDelivery)
Read through the changes and make note of anything that concerns you.
You do not necessarily need to change plans. If your current plan continues to meet your needs and remains available, staying with your current coverage may be the right decision.
At Otium Financial Planners, we can help you prepare for AEP by reviewing your current Medicare coverage and helping you understand what is changing.
We can review your:
- Current Medicare plan
- Prescription medications
- Doctors and healthcare providers
- Preferred hospitals and pharmacies
- Premiums, deductibles, and copayments
- Provider and pharmacy networks
- Available Medicare plan options
The goal is not simply to change plans. The goal is to determine whether your current coverage continues to be a good fit for your healthcare needs and budget.
Start Preparing Now
Do not wait until the end of AEP to begin gathering your information.
October 15 will be here before you know it.
Gather your documents, update your medication and provider lists, and review your ANOC when it arrives. Being prepared can make your Medicare review much easier and help you make a more informed decision.
If you have questions about your Medicare coverage or would like to schedule a review, Otium Financial Planners is here to help.
Schedule a Call with Otium Financial Planners
Medicare plan availability, benefits, premiums, provider networks, and prescription coverage vary by plan and location. This article is for educational purposes only and is not a guarantee of benefits or coverage.
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