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What You Need to Know About the Medicare Enrollment Period For 2024 Plans

What You Need to Know About the Medicare Enrollment Period For 2024 Plans

The Medicare Annual Enrollment Period is here! It lasts from October 15-December 7. During this timeframe, you can make changes to your Medicare Advantage or Part D drug plan.

Those changes will take effect on January 1, 2024.

Here is what you need to know about AEP this fall.

Get Your AEP To-Do List

This easy-to-understand list for the Medicare Annual Enrollment Period will help you save money, ensure your benefits are the best they can be, check that your doctors are still in network, & more.

Get My To-Do List
Get Your AEP To-Do List

Recorded Calls and a New Disclaimer

This fall, you may notice our office recording calls and providing a disclaimer at the beginning of those phone calls.

These changes directly result from compliance rules released by the Centers for Medicare & Medicaid Services (CMS) last year.

Our office is committed to complying with CMS rules and regulations.

Scope of Appointment Waiting Period

In order to talk to you about Medicare Advantage or Part D prescription drug plans, CMS requires that you sign a Scope of Appointment form indicating that you want to hear about these types of plans.

New for this fall, there is a 48-hour waiting period that we must adhere to. This means that unless you are an in‑person walk‑in meeting, we must have you sign this form and wait a full 48 hours before we can see you.

We apologize for this convenience, but again, our office is committed to adhering to CMS rules and regulations.

Create a Medicare Account

The Medicare Annual Enrollment Period begins on October 15 and lasts until December 7. During this window, you can make changes to your Part D prescription drug plan or Medicare Advantage plan.

If you haven't already signed up for a Medicare.gov account, please do so! It will make your life a lot easier when trying to select which drug plan is best for the upcoming year.

All medications you've filled throughout the year will show up on your account, allowing you quickly choose which drug plan matches your prescription list. Having a Medicare login is also very beneficial for us when it's time to serve you.

Phone Appointments Are Available

We are able to assist clients over the phone, if desired! Oftentimes, a quick phone call is all we need to make sure you're in the right plan for 2024.

Communicate with your current agent to determine if a phone or in-office appointment is preferred.

Must-Know Details About AEP

Be prepared for a lot of commercials advertising free dental and vision benefits. You may even hear ads mentioning things like Part B givebacks, free flex cards, and more.

Private Medicare Advantage (MA) plans and big call centers advertise a lot during AEP, and while their extra perks are nice, availability differs, and we recommend choosing a plan for its health coverage, not the perks.

We can help you compare the available plans in Macon County.

Read More: 6 Simple Ways to Tell If Medicare Advantage Is Right For You

Your Medicare Supplement is not affected by the Medicare Enrollment Period. Your policy review is based on your policy anniversary date, and we keep an eye on your rates all year long.

What You Can Do During AEP

The Medicare Annual Enrollment Period isn’t a free-for-all for all types of insurance, but you can make a lot of changes – especially changes that’ll save you big money on your insurance and drug costs.

Medicare Advantage

Most of our clients have a Medicare Supplement. However, if you do have a Medicare Advantage plan, you can make some changes during the enrollment period, including:

  • Switch from Original Medicare to a Medicare Advantage plan
  • Switch from a Medicare Advantage plan back to Original Medicare
  • Switch from a Medicare Advantage plan to a different Medicare Advantage plan
  • Switch from a Medicare Advantage plan that doesn’t include prescription drug coverage to one that does, and vice versa

In short, you can make any change you want regarding your Medicare Advantage plan. You can drop it, switch it, keep it… whatever makes the most financial sense for you.

Not sure what to do with your Medicare Advantage plan? That’s what we’re here for. Using our contact form, let us know the name of the insurance company and we’ll help you out.

Contact an Agent Today

Medicare Part D (Prescription Drug Plan)

This is the only time of year you can make changes to your Medicare drug plan.

Change Your Drug Plan

From October 15-December 7, you can:

  • Enroll in a stand-alone Medicare Part D Prescription Drug Plan
  • Switch from one stand-alone Medicare Part D Prescription Drug Plan to another one
  • Drop your prescription drug coverage

You might be able to save some money by looking at the 2024 Part D plans. Drug plans change, so please reach out to us for help! We'll make sure your drugs are still covered, we'll see how your premium is changing, and make sure the plan is still the most competitive one for you.

We can run a drug plan comparison based on the medications you take. We’ll help you choose the plan that's best for you for this year. This is a no-cost service!

Get Help With Your Drug Plan

Make the Most of Medicare's Enrollment Season

In order to make the most of the 2023 enrollment season for 2024 plans, your goal is to have great coverage for a great price. We come across a lot of individuals that believe getting the lowest premium is the goal, but it really isn't!

Your goal is to minimize your total out of pocket costs for the year. Premiums are only one part of the equation when it comes to all of your healthcare expenses.

Make the Most of the 2021 AEP In Decatur IL

You also have deductibles, coinsurance, and copays. Don’t make the mistake of choosing a plan for its low monthly premium only to find out later that your deductible is very high.

This can often happen with both Medicare Advantage plans and Part D drug plans, so be sure you understand all your costs before making any changes.

You also want to look at the full picture with Medicare Advantage plans.

What is the monthly premium, the deductible, the copays, and the coinsurance?

You also want to know what the network is like – Medicare Advantage plans often have limited networks, which means you’re only allowed to see certain doctors. That might end up being important to you!

Changing Plans Later On

What happens if you totally miss the Medicare annual enrollment season?

If you don’t take action from October 15-December 7, your options for changing Part D drug plans is very limited. You’d have to qualify for a special enrollment period, which includes situations like getting kicked off of your employer’s group plan or your plan getting terminated.

If you don’t qualify for a special enrollment period, you have to wait until October 15, 2024 to make changes.

For Medicare Advantage, the only change you can make after December 7, 2023 is to drop your plan and switch to Original Medicare. You can do that during the Medicare Advantage Open Enrollment Period (OEP), which is from January 1-March 31.

Conclusion

You don’t actually need to know every detail about the enrollment process – that’s what we’re here for.

Simply contact us, and our licensed agents will help you save money on your own health plan for next year.

Sams Hockaday In Decatur Illinois Can Help

Also, don’t forget to download your Enrollment Period To-Do List. This will help you save money before the 2023 Enrollment Period for 2024 plans is over and it’s too late!

Get Your AEP To-Do List

This easy-to-understand list for the Medicare Annual Enrollment Period will help you save money, ensure your benefits are the best they can be, check that your doctors are still in network, & more.

Get My To-Do List
Get Your AEP To-Do List

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Disclaimer: We do not offer every plan available in your area. Currently we represent 4 organizations which offer 41 products in your area. Please contact Medicare.gov, 1‑800‑MEDICARE, or your local State Health Insurance Program to get information on all of your options.