The Annual Election Period (AEP) for Medicare, also known as the Open Enrollment Period, plays a significant role in shaping the healthcare plans of beneficiaries each year. For those in Farmington Hills, Michigan, understanding how this period affects your Medicare choices can make a considerable difference in your healthcare planning.

What is the Medicare Annual Election Period?

The AEP occurs every year from October 15 to December 7. During this time, Medicare beneficiaries can make changes to their health and drug plans. This includes switching from Original Medicare to a Medicare Advantage Plan , changing Medicare Advantage Plans, or adjusting your Part D prescription drug coverage.

Key Changes and Deadlines

During AEP, beneficiaries may receive notices regarding plan changes. These can include changes in premiums, maximum out-of-pocket (MOOP) costs, healthcare provider networks, and drug formularies. It's crucial to review these notices carefully to understand how changes may impact your coverage and costs in the upcoming year.

What Should You Compare?

• Premiums: Assess whether your current plan's premium is increasing and compare it with other available options.
• MOOP: Check if the maximum amount you'll pay out-of-pocket changes and how it compares with other plans.
• Networks: Ensure your preferred doctors and healthcare providers remain in-network with your current plan.
• Drugs: Review changes to your plan's formulary to confirm that your prescriptions are still covered.

Pre-AEP Checklist

Here's a handy checklist to help you prepare for the AEP:

• Review your current Medicare plan and note any concerns or changes from last year.
• Gather information on new plans available in Farmington Hills.
• Check your mail for the Annual Notice of Change (ANOC) and review it in detail.
• Schedule an appointment with your Medicare agent to discuss your options
• Note important deadlines to ensure timely plan changes.

Act Now for the Best Outcome!

Don't wait until the last minute! The Annual Election Period is an optimal time to ensure your Medicare plan aligns with your health needs and budget for the upcoming year. We invite Farmington Hills residents to schedule a review with us today to explore their options and make informed decisions.