A Guide to the 2023 Medicare Annual Election Period 

For many people, the idea of enrolling in an annual Medicare plan evokes frustration and headaches. Finding the perfect plan can be difficult, and the process of enrolling may seem overwhelming. To make matters worse, each annual election usually brings about various changes. While there is no surefire way to predict annual changes, there are ways to lower your stress levels while preparing for the enrollment process. When you work with a health insurance broker specializing in Medicare, they will usually tell you that changing your Medicare Advantage plan or Part D drug plan each fall may actually be beneficial.

Should You Change Your Plan During the Annual Election Period?

If you are like many people, you may be considering changing your plan altogether. Some of the most common reasons for changing Medicare plans are:

• Rising monthly plan premiums
• A desire for more comprehensive coverage provided by a supplement plan
• Lack of medication coverage
• Unwanted plan changes
• A doctor will no longer be in network

Fortunately for those considering changing plans, there are many Medicare health plans to choose from, and with the help of a broker, finding one that fits your needs and budget may be easier than ever.

Steps to Take Before the 2023 Enrollment Period

Register at MyMedicare.gov

Registering at MyMedicare.gov is a great way to gain access to a wealth of personal Medicare information. Setting up an account is simple, and once you do so, you can view your processed Medicare claims as soon as they become available and access information about your entitlement and eligibility. The site also allows users to view their current health and prescription drug plan enrollment information, and you can even manage your prescription list from your account.

Talk to Your Healthcare Providers

If you are covered by an Original Medicare and a Medigap plan, you may want to talk to your healthcare providers. You can simply ask if they will still be accepting Original Medicare in the coming year, and if they answer yes, you can stay enrolled in your plan. If you are enrolled in a Medicare Advantage plan that changes networks, benefits, premiums, and formularies each year, you will definitely want to talk to your healthcare providers. Physicians have the option to change networks at any time, and your physician can decide not to accept your plan. In other words, don’t be afraid to ask your healthcare provider if they will participate in your plan again.

Review Your Annual Notice of Change

Have you received your ANOC letter yet? If you haven’t, you may want to be on the lookout. Each year you will receive an Annual Notice of Change for your Medicare Advantage Plan (if you are enrolled in one) or your Part D drug plan. Insurance carriers are legally required to send out notices by September 30^th of each year.

ANOC packets are typically large, and for some, intimidating, and it is not uncommon for people to toss them aside. Unfortunately, those who do this often forget about the January 1^st deadline, and once they get around to perusing the packet, it is too late to make any changes. Reading your ANOC is important, and if you don’t, you may overlook any major changes.

Familiarize Yourself With Important Dates

The time frame to enroll is slightly different from a few years ago, so don’t forget to familiarize yourself with current important deadlines. The Annual Election Period now spans from October 15^th – December 7^th and any changes you make will go into effect on January 1^st. Simply put, don’t assume you can make changes up until December 31^st.

Make a List of Your Prescriptions

You may want to consider if your plan still serves you well, especially if your prescription drug coverage has changed since last year. Maintain an up-to-date list of your prescriptions, and note whether each drug is a generic or name brand. You will also want to note how often you take the drug as well as the dosage. This information will be reviewed by your agent in October.

If you haven’t enrolled in Part D before and intend to utilize the Annual Election Period, you should know that you will be subject to a penalty if you enroll late. You will have to pay this penalty if you enroll past the deadline and you haven’t had health coverage since you turned 65.

Switching From Medicare Advantage to Medigap

You can re-enroll in the Original Medicare plan during the Annual Election period if you want to change from Medicare Advantage to Medigap. You also have the option to select a new Part D drug plan. To apply for the Medigap plan, you will be required to answer health questions, and you may not be accepted. If you are accepted, you will be automatically un-enrolled from your Medicare Advantage plan once you apply for a Part D drug plan.

Speak With a Health Insurance Broker Specializing in Medicare

If you are interested in viewing Medicare health plans or you need help enrolling, Sackett & Associates Insurance Services is here for you. By working with a health insurance broker, you can find the perfect plan and enroll before the time is up. Contact us today to speak with an insurance professional.