What to do RIGHT NOW to Get a Jumpstart on Medicare’s AEP

Medicare’s Annual Election Period is quickly approaching.  There are several things you can do today to make sure you’re prepared for this critical time period.

During the Annual Election Period, also known as AEP and Open Enrollment, you can make changes to your Medicare Advantage and/or Prescription Drug Plan. It is wise to review your plans each year, as plans can change significantly from year to year. 

Since AEP is such a short window of time, there are some key steps for you to take RIGHT NOW to make sure you don’t miss your opportunity to review.

• Update your Prescription Drug List—maybe you carry an Rx list in your wallet.  If so, double check it to make sure it’s up to date.  Remove any medications you are no longer taking and add in any new ones.  If you don’t have a current copy, gather up your prescription bottles and make a list OR contact your doctor a pharmacist to get an up to date printout.  This is an important step because any new plan analysis should factor in your current medications.

• Find your Medicare card—If you decide to make any changes, you’ll need your Medicare card.  New cards were recently sent by Medicare, so make sure you know where it is! If you can’t find it, be sure to request a new one.

• Make a list of all your doctors and pharmacies—Some plans have doctor networks (some don’t!).  Having an up to date doctor list is helpful in analyzing plans.   

• Analyze your 2017 and 2018 health care spending—Think about how much you spent on health care in the last 2 years.  List your monthly premiums (if any), your doctor and specialist co-pays (if any), your hospital co-pays (if any), etc.  If you don’t know the numbers off hand, find them! You can look for Explanation of Benefit forms (sent by Medicare or your Medicare Advantage plan) and look at your total out of pocket costs for the year.  Knowing this information is critical to making an informed decision about your coverage.

• Make your Annual Election Period appointments—agents have a lot of people to see in 8 weeks. Make sure you don’t get missed.  Call 815-232-7726 and get on the schedule now so you’re sure to have your review before the opportunity runs out.

Every year, AEP becomes more and more important.  The steps you take TODAY will set you on the right path to making sure you’re on an appropriate plan.  

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Author

Angela Damin, Your Medicare Teacher, is an award winning Medicare planning broker with over a decade of experience in the Medicare field.  She meets people in person, over the phone, and via video chat.  Angela has a Masters Degree in Education and taught elementary school before  switching her subject matter to the Medicare realm. She spends her spare time chasing her twin toddlers.