- Posted by Canopy KC
- On October 12, 2017
- 0 Comments
- ACA Special enrollment period, choose the right plan
According to AARP, nearly 44 million beneficiaries rely on Medicare coverage and that number will surpass 79 million by 2030. There are multiple important Medicare facts that all covered beneficiaries should know, but none so important as the knowledge of how to change your Medicare plan.
For 2018 Medicare Coverage, the annual enrollment period (AEP) or open enrollment period begins on October 15, 2017 and ends on December 7, 2017.
During open enrollment, you can:
- Change from traditional Medicare coverage (Part A, Part B) to a Medicare Advantage plan or vice versa. It is important as a beneficiary to understand the components of both traditional Medicare coverage and a Medicare Advantage plan prior to making this change.
- Change from one Medicare Advantage plan to another or from one Part D plan (prescription) to another.
- Enroll in Part D (prescription). Keep in mind, there may be a late penalty for this action if you did not enroll in part D when you were first eligible.
**It is important to note that Medicare affords a special enrollment period if a life changing event or circumstance has occurred as well as the opportunity to enroll in traditional Medicare if an individual did not sign up when first eligible. A late enrollment penalty will ensue.**
How to Change Your Medicare Plan
Most beneficiaries will receive an Annual Notice of Change and Evidence of Coverage by September 30, 2017.
- Review all of the provided information even if you do not want to make any changes or are set to auto-renew your Medicare Advantage or Part D plan. Be aware that benefits, premiums, services and coverage may and often do change from year to year. It is important to verify all of your plan(s) details before you are locked in for 2018.
- Visit medicare.gov to further review your Medicare plan information as well as answer additional questions. The medicare.gov website is a valuable resource that will allow you to access your account, compare, contrast and make changes if necessary to your Medicare coverage or plan.
- Call 1-800-MEDICARE to speak directly to an individual who can help make changes to your current Medicare plan.
- Make changes to your coverage that reflect your current health care needs.
At Canopy, we understand that there is often more than meets the eye when it comes to insurance coverage, especially Medicare. Our Senior Market Consultants specialize in helping you to understand how to enroll in Medicare, change your Medicare plan, and most importantly, stay informed.