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The Annual Enrollment Period (October 15 to December 7) gives Medicare beneficiaries the opportunity to evaluate their coverage and join a new Medicare plan if they find one that better suits their needs. To prepare for the Annual Enrollment Period, compare your coverage options and speak with a Medicare advisor to make sure you are getting the best coverage for the right price.

Joining a Medicare Plan

During the Annual Enrollment Period, people already enrolled in Medicare can sign up for a Medicare Advantage or Medicare Part D plan. To enroll in one of these two plan types, you need to be enrolled in Original Medicare and live within the plan’s coverage area.

Prior to joining any Medicare plan, you need to first consider your healthcare coverage needs. Do you wear glasses? Have hearing aids? Regularly visit the dentist? Take daily medications? All of these things need to be considered when you are looking for a Medicare plan. Seek out plans that offer the benefits you are looking for and that are within your budget.

Switching Medicare Plans

The Annual Enrollment Period also offers you the opportunity to switch from a plan of one type to a different plan of the same type. You can switch from one Medicare Advantage plan to another or from one Medicare Part D plan to another. This swap is simple. Sign a contract with a new health insurance company while letting your previous coverage terminate. Your coverage under the new plan will begin on January 1.

Dropping Medicare Plans

You can drop your Medicare Advantage plan and return to Original Medicare. When you do this, you will go back to using your Medicare card when you visit your health care provider.

You can also drop your Medicare Part D plan, but if you still need prescription drug coverage, you should consider signing up for a Medicare Advantage Prescription Drug plan.

Preparing for AEP

To prepare for this period, you need to look over your current plan’s Annual Notice of Change. These documents are produced each fall to identify what will be different about your plan’s coverage and pricing in the next year. 

You may find that the Medicare Part D plan you have currently is going to stop covering a prescription you take. That should get you immediately looking for alternative plans in your area. The Medicare Part D plan you go with needs to cater to your prescription needs.

Comparing Medicare plans can be difficult. Let the Medicare experts at MB Insurance Solutions guide you to a plan that fulfills your needs.