How to Make the Most of AEP with the Help of Medicare Advisor?
Whether you are a new enrollee or have been on Medicare for years, the Annual Enrollment Period (AEP) is a crucial time to evaluate your coverage options. With many different types of plans, supplements, and degrees of coverage, deciding on the senior medical plans that are right for you can be overwhelming.
As a first-time enrollee, you should not wait until the last minute to sign up for Medicare. If you miss the deadline to enroll, there will be late fees. If you've retired recently, you might be without health insurance, depending on when your plan expires. Start researching all your options as soon as possible to minimize stress later on.
You will begin with Original Medicare (Part A and B). Part D covers prescription drugs. Medicare Advantage plans (Part C) provide a bundle of Part A, B, and D.
Check this checklist for your Senior Medical Plans Georgia before enrolling or to see if any adjustments need to be made to your current coverage.
1. Effectiveness of Your Current Plan:
As a new enrollee, choose a plan that will be effective for you now and in the future. And as a current beneficiary, try to change your plan, if necessary, and consider these following questions:
Is my current plan offering me the best coverage at the best possible price?
Are my current prescription medications covered by the Part D?
Are my health care providers still on my network?
Does my plan cover me when I travel?
2. Costs
Keep in mind that costs will fluctuate between each plan. Know if your plan limits your annual out-of-pocket costs. Original Medicare does not have a cap on out-of-pocket spending each year and doesn't cover prescription drugs, vision, hearing, and dental. You can purchase a Medicare supplement to cover 20% of what Original Medicare doesn't cover.
The other option you have is the Advantage Plan, which covers hospitals, doctors, drugs, and extra benefits such as dental, hearing, and vision with an annual out of pocket maximum.
3. Coverage and Medical Expert Choices
Review the latest Medicare changes to make sure your current health care provider and prescription drugs are covered. Some in-network providers accept Medicare, but the list changes periodically.
4. Prescription Drug Coverage
Prescription drugs are often the biggest expense after retirement. Thus, when you choose Original Medicare, consider adding Part D to your coverage. Check the approved drug list annually to ensure that your plan still covers any required medications. If they are no longer covered, use the AEP to switch plans without penalty.
5. Quality Care
The quality of medical providers and the care you receive often vary from state to state. Adjust your coverage as required during the AEP.
If you are still unsure about which Senior Medical Plans in Georgia are right for you, consult with an Independent Medicare specialist. A licensed Medicare advisor with years of experience can help you get the best medical plan for the best price.