Medicare Annual Enrollment Period: 5 Facts to Know

Medicare Annual Enrollment Period 5 Facts to Know

Are you on the market for renowned Exemplar Insurance Associates in High Point, North Carolina? Agencies like Exemplar Insurance Associates, Inc. are able to provide you sufficient information on the Medicare Annual Enrollment period so you can pick a health insurance plan that suits you best.

Many of us are well aware of what Medicare is. It’s a government-run program that provides health insurance coverage for people with physical and health challenges, as well as aging individuals. It comprises of various parts or categories, which are represented by the first four letters of the alphabet, and appropriately named Medicare A, B, C, and D. Getting into it, Medicare A & B are part of the original Medicare program; Part C is Medicare Advantage, and the last, Part D, focuses on prescription drug coverage.

If you or a loved one is a Medicare beneficiary, then it’s important for you to be aware of the Medicare Annual Enrollment Period and everything that goes along with it. What happens during Medicare AEP and what can you accomplish, during this specific time frame, to gain even more benefits from your Medicare plans?

Be sure to keep these five important facts in mind.

  1. Focus on yourself and those you love.
    This is your once-a-year opportunity to truly focus on yours and your loved one’s health. Keep in mind that when you select the right plan, you’re not only able to boost your health, but also better manage your finances and acquire peace of mind.
  2. Switching plans.
    The AEP offers you the perfect opportunity to drop, switch, or join in on Medicare plans. However, keep in mind that such will be determined by your current plans. For instance, if you plan on signing up for Medicare A or B, it’s possible for you to join or drop your Medicare Part D coverage.
  3. Thinking about making a plan change? March 31 is your deadline.
    Is a plan shift in order? If you’re planning on going back to your Original Medicare coverage, be sure to do it within this year’s Medicare Advantage Open Enrollment period which happens from the 1st of January to the 31st of March.
  4. Go over your medications.
    Naturally, you’d want a plan that covers the costs for most, if not all of your medications, so be sure to go over them. It’s important to peruse the drug formularies and really read through each of the plan’s coverage in case of any restrictions. The plan you pick should be the one that’s most suited to your needs.
  5. Saving money on prescriptions.
    For those mostly using brand-name drugs, you can take full advantage of the gap in Medicare Part D. Basically, this limits your cost for covered branded drugs to twenty-five percent.

If you have more points to add to our list, feel free to do so in the comment section.

Consider working with Exemplar Insurance Associates, Inc. We are all about helping you achieve financial security.

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