Medicare Annual Enrollment Period

If you’re curious about Medicare or recently learned your eligibility is coming up, you might have a lot of questions about what to expect. Likewise, if you’ve had Medicare for some time but are unsure if the Annual Enrollment Period (often called AEP) can affect your coverage, it might be a good idea to learn about the changes coming to your plan and if a different plan would better suit your current needs.

If you have questions about your current coverage, the AEP is the perfect time to speak with a skilled Medicare brokerage agency, such as Steinlage Insurance Agency.

The Annual Enrollment Period (AEP) covers those who are enrolled in a Medicare health insurance program and is the typical time period someone can use on a yearly basis to review and switch their plan if their current one no longer fits. If someone’s health condition changes, for example, and they require more medication than they used to, their plan may no longer be a good fit.

One of the most important things someone should do is review the changes to their prescription drug coverage (either through a stand-alone Part D plan or within their Medicare Advantage program).

Clients of the Steinlage Insurance Agency get a free Part D analysis each year to make sure they are in the most appropriate plan for their specific needs. We find that this approach can simplify the transition and sometimes save thousands of dollars annually!

Each year, Medicare has an AEP from October 15th through December 7th. Any plan changes then become effective in January.

If you have Original Medicare (Part A or Part B), you can switch to a Medicare Advantage Plan, either with or without prescription drug coverage; disenroll from an existing Medicare Prescription Drug Plan; switch from one Medicare Prescription Drug Plan to another; keep your current coverage; or add a Medicare Prescription Drug Plan to your existing coverage.

If you have Medicare Advantage, you may take similar measures such as switching from Medicare Advantage to Original Medicare; disenrolling from Medicare Advantage; changing from a Medicare Advantage program that has prescription drug coverage to one that does not, and vice versa; or keeping the coverage you already have. More details about the enrollment period can be found on the Medicare website.

It can be confusing understanding the Medicare landscape if you have not enrolled before. Likewise, if you have enrolled but it’s been some time since you went through the process, you might have questions.

When you work with Steinlage Insurance Agency, you benefit from the wealth of knowledge our team has developed over the years. Some benefits you can reap when you work with us include:

• Family owned business – For three generations, we have served the St. Louis and St. Charles areas as Medicare brokers, helping seniors navigate the available plans and change coverage where necessary.
• We are one of the first truly independent agencies to focus on the Medicare-eligible client.
• We offer free plan assessment to those who have plans now, and guidance throughout the whole process to newly eligible clients.

For help with your current enrollment, or to enroll for the first time, contact Steinlage Insurance Agency today!

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