What You Need to Know About the 2022 Medicare Enrollment Period For 2023 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, 2023.

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

Recorded Calls and a New Disclaimer

This fall, you may notice our office recording calls for the first time and providing a new disclaimer at the beginning of phone calls. These changes directly result from new compliance rules released by the Centers for Medicare & Medicaid Services (CMS).

Here is the disclaimer you need to be aware of: 

“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.”

Our office is committed to complying with CMS rules and regulations. You can learn more about these compliance updates here.

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 2023.

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. As an example, there are currently no plans in Macon County with Part B giveback benefits.

We can help you compare the available plans in Macon County starting on October 1. Keep in mind you can't make any enrollment decisions until October 15.

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.

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 2023 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 2022 enrollment season for 2023 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.

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, 2023 to make changes.

For Medicare Advantage, the only change you can make after December 7, 2022 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.

Also, don’t forget to download your Enrollment Period To-Do List. This will help you save money before the 2022 Enrollment Period for 2023 plans is over and it’s too late!