The Annual Election Period is Here
Well the annual election period is here and it is time for Medicare beneficiaries to start comparing their Part C and Part D plans. This is the only time during the year in which an applicant can make changes to their plan after their initial enrollment or special election periods.
The Importance of Part D Evaluations
As mentioned on our website, Part D plans change each year which make it extremely important to compare plans during the AEP.
I like my current plan why is important to compare other options?
We have a lot of clients that are happy with their current plan; however, premiums, co-pays, and formularies change each year. An example is a client who choose the AARP Saver Plan in 2013 with a premium of roughly $15 was getting a slight increases to $22 per month.
Even though this is a high percentage it is a low premium overall. What the consumer would not know without comparison would be the that now their $290 per month prescription is no longer covered by this plan. That means the consumer would be responsible for $290 each time she filled that prescription.
Through Medicare.gov's Part D tool we found other options and found a plan for $28 premium that had that prescription at a $6 co-pay during the initial coverage period. That $6 in premium difference was nothing compared to the $284 difference in prescription co-pay.
Annual Election Period
The annual election period is between October 15th and December 7th each year. Trying to enroll on December 8th is too late, you will be unable to enroll for a new plan effective for 2014 if you do not enroll prior to December 7th.
For help with your supplemental Medicare plans please contact MWG Senior Services at 877-936-2991. We look forward to being your guide and help with Medicare Part D analysis.
2014 Medicare Annual Election Period