Navigating Medicare Open Enrollment

By: Steven Thomas Smith

The Medicare Annual Enrollment Period (AEP) is underway, running from October 15 to December 7. This crucial window, often called “open enrollment,” allows beneficiaries to evaluate their health insurance options and make necessary changes.

During AEP, beneficiaries can:

• Switch from Original Medicare to Medicare Advantage
• Change Medicare Advantage plans
• Return to Original Medicare from Medicare Advantage
• Switch stand-alone Prescription Drug Plans (PDPs), or
• Enroll in a PDP for the first time.

Why Review Your Plan?

Plans can change yearly, impacting premiums, coverage, and networks. It's essential to assess whether your current plan still meets your health needs, especially if you've experienced changes in your health or medication.

When reviewing your options during AEP, consider several factors: compare premiums, deductibles, and co-pays to assess costs; ensure your preferred doctors are in-network; check how your medications are covered under different plans; and explore any extra benefits that may enhance your coverage.

After AEP ends on December 7th, you may not have another opportunity to change plans until next year.

As November progresses, reflect on your needs and explore your options to ensure you have the right plan for the upcoming year.

The Bottom Line

The AEP is your chance to take control of your healthcare coverage. As November progresses, reflect on your needs and explore your options to ensure you have the right plan for the upcoming year. For assistance, reach out to our agency—we’re here to help.

The NOCC informs them if their prescription drug coverage meets Medicare's standards, crucial for avoiding late enrollment penalties.

Consideration for Employers: Drug Coverage Creditability

Employers should communicate Medicare options to employees and send the Notice of Creditable Coverage (NOCC) to all Medicare-eligible employees, spouses, or dependents. The NOCC informs them if their prescription drug coverage meets Medicare's standards, crucial for avoiding late enrollment penalties. If coverage is not creditable, they should enroll in Medicare Part D by December 7 to avoid these potential penalties.

If you have questions on your plan’s creditability, reach out to your employee benefits advisor. We have a template to help you prepare the notice!

Hummel Group is not connected with or endorsed by any government or the Federal Medicare Program. Calling the number above will direct you to a licensed insurance agent.

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