As we head into the fall, we start to hear of the Medicare Annual Election Period (AEP). This is an important time of year for people who have existing Medicare plans because if they need to make any changes to their coverages this is the time to do it. The annual election period is October 15th thru December 7th of each year, and any changes made will be effective for January 1, 2024.
The following are the examples of what changes can take place during the Annual Election Period:
- If you have a Medicare Supplement:
- This is a great time to update your Prescription Drug Plan if your medications have changed. If your medications have changed over the past year, it is a good idea to complete a new questionnaire to review your medications.  There is always the possibility that medications can be less expensive under another plan.
- As you have a Medicare Supplement the AEP is also the time that you can evaluate a Medicare Advantage plan and see if it is a better fit for your situation.
- If you have a Medicare Advantage Plan or Prescription Drug Plan:
- Before the AEP you may receive an Annual Notice of Change that will let you know of any changes taking place with your current coverage. If there are any significant changes that you are concerned about, please do not hesitate to contact our office.
- If you have had a change of doctors, medical conditions, or you are taking new medications it would be a good idea to review your current plan. We can assist you with this and make sure that you have the best plan that fits your needs.
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