Medicare Annual Enrollment Period is Coming! October 15 – December 7th, 2022

While Medicare’s Annual Enrollment Period might seem far away, it’s right around the corner! October 15th – December 7th, 2022 is  your opportunity to review your existing benefits and think about whether a change could provide you with the versatility and coverage you need.  What are some of the reasons you should review your benefits even if you’re already happy with them?

Your Life or Health Situation Has Changed

Our lives can change rapidly over the course of a single year.  Your health situation or financial situation may be totally different this year than it was a year ago.  Perhaps you’ve been diagnosed with an illness,  have been prescribed a new medication, or lost a life long partner, the Medicare Annual Enrollment Period (AEP) is surely an opportunity for you to review and evaluate your existing coverage.

Is it time for a change? 

• Are you taking new prescription medications?
• Are your out-of-pocket medical expenses increasing? 
• Have you changed doctors or are you seeing new doctors not in the network for your plan?
• Have you reviewed your Medicare coverage since last year?

During AEP, you can:

• change from original Medicare to a Medicare Advantage plan.
• change from a Medicare Advantage plan back to original Medicare.
• switch to a different Medicare Advantage plan.
• switch from a Medicare Advantage plan that includes prescription drug coverage to one that does not.

Did you know?

• Medicare Part D plans utilize preferred and standard pharmacies.  Get the best value from your plan by using a preferred pharmacy! 
• Medicare Advantage plans are regional. They are offered in specific counties and vary from county to county.  
• If you are enrolled into a Medicare Advantage HMO,  you must go to the Emergency Room if care is needed out-of-state. 
• Annual Election Period is not the time to switch from one Medicare Supplement to another.  Medicare Supplements can be changed year round. 

Medicare Advantage Plans.  Is this a right fit for me?

There is no way to answer this question with a defined yes or no for every Medicare beneficiary.  What might be a good fit for one beneficiary, may not be a good fit for another.  This decision is personal.  It is based on your health, your specific needs and affordability.  

Medicare Advantage plans (Medicare Part C) may be offered in the county where you live.  In fact, there may be several.  Medicare Advantage plans are not the same as Original Medicare.  In Original Medicare, your Medicare Part A and Part B benefits are managed by Medicare.  In an Advantage plan,  your Medicare Part A and Part B benefits are managed by the private insurance company offering the plan.  You are not losing any Medicare benefits by enrolling into a Medicare Advantage plan.  In fact, they must meet the same requirements as Original Medicare (Medicare Parts A and B). You might imagine a Medicare Advantage plan as a similar concept to an Employer Group plan.  In most cases, you pay as you utilize services. 

In Original Medicare, you will be seen by any Medicare contracted doctor in the country.  In a Medicare Advantage HMO plan, you must utilize doctors in the network.  To see a specialist, may require a referral.  In some counties, a PPO may be offered allowing you to see doctors out of the network for your plan, but you would experience a higher out of pocket cost.  Other Medicare Advantage plans are designed to encompass those with chronic conditions, and those with Medicare and Medicaid eligibility.  All Medicare Advantage plans utilize networks of providers. They do, however; offer a variety of ancillary benefits which may include an allowance for:  dental, vision, and hearing, a fitness benefit, transportation, over-the-counter items, meals provided following a hospital stay, and more.  If you are currently enrolled in Original Medicare, exploring Medicare Advantage plans may be another option offering additional benefits you may not already have.  As we continue to experience insurance premiums rising, the Medicare Annual Enrollment Period (AEP)  is the perfect time each year for you to review your prescription coverage and evaluate your existing coverage as compared to other options available.     

Beyond changes to your health, inflation has impacted all of our lives in so many ways.   If you are feeling the squeeze and looking for more affordable options due to your financial situation, the Medicare Annual Enrollment Period (AEP) is an important time for you.

Get Help with Medicare Options!

For help with Medicare enrollment Call ELAINE FELTZ!! A no cost resource to seniors!

Elaine Feltz is your local, licensed insurance agent with HealthMarkets. Her focus is to teach Medicare beneficiaries about Medicare and to review all the insurance options available, so you can make an informed decision.  As an experienced and knowledgeable Medicare agent, she expertly serves clients in MD, VA, DC, DE, PA and FL.  Elaine consistently provides superior service free of charge.  Her approach is consultative, so she will meet with you personally, wherever you feel comfortable, to find a solution that will meet your needs and your budget.  To read what people are saying about the service she provides, visit www.facebook.com/HealthMarketsBaltimoreMD.EF.  You can reach Elaine by calling 443-610-0412 or you can send an email to EFeltz@HealthMarkets.com. 

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