Medicare’s Open Enrollment Period, also called the Annual Election Period (AEP) is fast approaching. This is the one time each year where Medicare beneficiaries can make changes/enroll in a Part D prescription plan or Part C Medicare Advantage plan. Many beneficiaries do nothing during this time and miss the one chance they get. By doing nothing, you will automatically be re-enrolled in the plan(s) you are currently in, but is it wise to do so?
There is a tendency among some people to leave well enough alone and stick with the devil they know. However, these plans change every year and what was a good decision a few years ago might not be the best this year. Budgets are often tight, and when every dollar counts, the wisest decision would be to compare options each year. Comparing plans could mean savings of up to a hundred dollars or more each month in premiums, co-pays, and prescription costs. This is one of the biggest opportunities to make your Social Security stretch a little further each month. If you haven’t shopped around in awhile, do so this year and see what you’ve been missing.
Contact us if you would like to see what your options are for 2017. The AEP is from October 15th to December 7th. After this, you’ll have to wait another year before you have a chance to change.