2018 Annual Election Period
Are you ready? The Annual Election Period (AEP) begins October 15th and ends December 7th.
Beginning October 1st through October 14th, MWG Senior Services prepares for the AEP by taking our client's medication worksheets they submit and checking to make sure their current prescription drug plan (PDP) will still be good for them in the upcoming year. These plans change every year and that is why we offer to review them annually, free of charge, for our Medicare Supplement and Medicare Advantage clients.
Did you know, during the AEP, you can switch from one PDP to another? You can also enroll in a PDP if you aren't already enrolled or disenroll from your prescription coverage. Due to CMS requirements, this is the only time in the year that you can enroll or switch your drug plan outside of a Special Enrollment Period (SEP). For example, if you have moved out of the service area you may qualify for a SEP.
If you do not have a PDP, you may have a late enrollment penalty if you choose to enroll during the AEP. The cost of the late enrollment penalty depends on how long you went without creditable prescription drug coverage. Medicare calculates the penalty by multiplying 1% of the “national base beneficiary premium” times the number of full, uncovered months. For example, if you are without creditable prescription drug coverage from May 2017 to October 2017, you will receive approximately a 6% penalty. CMS determines what your late enrollment penalty will be and it will be added on to your monthly premium per month of whichever plan you decide to enroll in.
MWG Senior Services will help our Medicare Supplement clients review their drug plan each year. We know these drug plans, as well as Medicare, can be confusing. That is why we are here! We take pride in what we do and are here to help our clients with anything that we can.
If you have any questions, or need help with your Medicare Supplement and PDP, give our team a call at 877-759-5760 or email us at email@example.com. MWG Senior Services works together as a team, and we are all here to help YOU!