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Medicare Supplement & Part D Clients
Guide To The Annual Enrollment Period: Watch The Full Video
We made a video that will walk you though everything you need to know this annual enrollment period. We will cover the most important Medicare news & updates, explain the truth behind all the confusing TV Medicare TV commercials, and walk you through what you need to do this annual enrollment period.
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The Annual Enrollment Period 2024
The Annual Enrollment Period exists because Medicare Part D drug plans can change their benefits each calendar year. Because the benefits of your current drug plan can change, Medicare gives you an election period each year so you can switch to a new drug plan if you don’t like the changes to your existing coverage.
Simply put: Your drug plan benefits change every year, so you get an election period to switch your drug plan if you don’t like those benefit changes.
The good news is that if you are happy with your drug coverage then you do not have to do anything at all. Your current drug plan will automatically renew for next year unless you choose to make a change. This means you do not have to reapply if you wish to keep your same coverage for next year. In fact, studies show that the majority of people do NOT make changes to their drug plan each year.
What’s Not Changing? Your Medicare Supplement Benefits.
Because the Part D drug plans change annually, many people wonder if their Medicare Supplement benefits will also change during the annual enrollment period as well? The answer is NO.
This is one of the most common questions we get each year so let’s say that one more time. Your Medicare Supplement benefits will not change year to year like your Part D drug plan does.
With that said, Medicare supplement plans DO have rate increases each year, but these rate increases are typically based on your age and occur after your birthday each year. For example, if your birthday is on June 1st, then your premium is most likely to change after June 1st each year when you are one year older. Most people find the most helpful time of year to review your Medicare Supplement coverage is right after your birthday since this is when you are most likely to see a change in your plan premiums.
If you have reviewed your coverage and are happy with your plan, your coverage is set to renew automatically. This means nothing is needed on your end!
How Do I Know If I Need To Make Changes To My Drug Plan?
It’s always a good idea to review your Part D Drug coverage during the Annual Enrollment Period so you are aware of any changes being made to your current plan. Around the first week of October, you should receive an Annual Notice of Change (ANOC) letter from your current Part D Drug plan insurance company. Take 15 minutes to sit down and review this letter as it will give you a side-by-side comparison of your drug plan changes from 2023 to 2024. This makes it easy to see the changes to your coverage for next year.
Just like your other coverage Medicare coverage, it is important to remember that your drug coverage is set to renew each year automatically. So if you are happy with your current drug plan then you do not need to do anything at all.
Reasons to stay with your current plan
Your prescription drugs are covered at a reasonable price
Your premium has not increased significantly
Your preferred pharmacy is still in network
You are happy with your current plan
Reasons to consider switching plans:
Your premium or copays have increased significantly
One or more of your drugs is not covered
Your preferred pharmacy is out of network
You are unhappy with your current plan
How to Select A Part D Drug Plan for 2024
If you have noticed a rate increase or benefit changes and want to shop for a new drug plan, then you can do so starting October 1st as that is when Medicare releases the drug plan pricing information for the upcoming 2024 plan year.
Shop Drug Plans Online!
The best and easiest way to start comparing drug plans is by using the Your Medicare Plan Finder tool. The reason we recommend starting with this tool is because it is easy to use, gives you instant access to the same drug plan comparison tool that our agents have been using for years, and even recommends the most cost-effective plan for you.
To get started simply enter your zip code, pharmacy, and medications and this quoting tool will instantly list the different drug plans available in your area and will rank them from lowest to highest annual expected cost for your medications.
Your Personalized Plan Recommendation: The plan listed at the top of the page is the one that will save you the most money on your medications over the course of the year when you add up all costs including the plan premium, deductible, and copays.
Easily Save Your Progress
Have a question or need help along the way? Simply give us a call and we can pull up the information you entered online without ever missing a beat. If you find a new plan you would like to switch to then you can instantly enroll online in minutes. All enrollments come directly to our office and we are still listed as the agent of record for you so you will never miss out on our help and support by enrolling online.
Medicare Hero
Super Tip!
If you have a Medicare Supplement plan and are happy with your current plan then you do not have to do anything during the Annual Enrollment Period. Your coverage will simply continue until you would like to make a change in the future.
Medicare Supplement Plans
Your Medicare Supplement coverage does not change benefits from year to year, unlike your Part D drug plan does. The most helpful time of year to review your Medicare Supplement coverage is actually right after your birthday as this is when you are most likely to see a change in your plan premiums.
Additionally, you can change your Medicare Supplement plan any time of the year. However, it’s important to note that you will have to answer health questions in order to be accepted. You might be wondering what type of questions they’ll ask you, that is a great question! While every insurance company is different and have their own list of questions, here are some examples that we pulled from various carriers to give you an idea of the type of questions they might ask you:
Are you dependent on a wheelchair or any motorized mobility device?
Do you have diabetes?
Do you have an implanted cardiac defibrillator?
Within the past 3 years have you been diagnosed or treated for internal cancer?
Within the past 5 years have you been diagnosed or treated for a heart attack or stroke?
As mentioned above, these are just some examples of the questions that they might ask you, but they do vary from carrier to carrier. So in summary, if you have a Medicare Supplement plan and have not noticed any rate increases, you do not have to worry or do anything during the Annual Enrollment Period.
If you would like us to review your Medicare Supplement plan then you can request a coverage review here: Request A Coverage Review
Want Help Reviewing Your Coverage Options?
It doesn’t matter if this is your first time, or fifth time going through the Annual Enrollment Period, Medicare can be confusing. That’s why we are here to help!
If you would like your agent to review your coverage options for next year, then you can start by clicking the “Request A Coverage Review” button below. As soon as Medicare releases next year’s plan information on October 1st, we will review your options based on the information you provided us, and send you a personalized coverage review & recommendation.
If you have any questions or want to make a change in your coverage, then feel free to give us a call at 1-(888)-321-6361 and we will be happy to help you.
