The Annual Election Period (AEP) is just right around the corner. November 15th through December 31st of this year is a very hectic time for many Medicare Beneficiaries. When dealing with past and present clients, I have found that most are a little confused on what insurance plans this time of year is intended for.
Everyone is pretty much on par with the fact of if you are looking to changes your Medicare Part D or prescription plan; this is the time to make that change. Were some of the confusion kicks in, is when dealing with Medicare supplements insurance plans and Medicare Advantage Plans.
When looking to make changes to your Medicare supplement plan, the one thing that everyone should know is you do not have to wait until this time of the year to make changes. Medicare supplements in Texas, or anywhere else in the U.S., can be changed anytime throughout the year. With this being said, there is underwriting and medical questions that must be answered if you are not in your Open Enrollment of Medicare Part B or if you have Guaranteed Issue status.
As for Medicare Advantage Plans, it is just the opposite. You have to wait until the Annual Election Period to make changes to a different Medicare insurance option, for a January 1st effective date of the following year.
Another change that CMS, or the Centers of Medicare and Medicaid Services, has also implemented this season is there will be no more Open Enrollment Period (OEP), or the time period the usually follows the Annual Election Period of January 1st to March 31st of the following year. This was a time frame that you could change your Medicare Advantage Plan from one insurance company to another insurance company if you did not like how the coverage worked for you. Now, if you enroll in a Medicare Advantage Plan during the AEP, you will only have from January 1st to February 14th to disenroll from your Medicare Advantage Plan and go back to Original Medicare and look at a Medicare supplement plan to help off set the gaps in the coverage. This period in called the Annual Disenrollment Period or ADP.
Knowing your options and following the rules when dealing with your Medicare insurance options can help keep you protected the right way. Feel free to contact an agent today with any questions of concerns you may have and receive your no-obligation Texas Medicare Supplement Quotes.