Why is Medicare’s Annual Enrollment Period important?
The leaves are changing. The sun is setting earlier. Fall is here! Why is it important to talk about Medicare coverage this time of year? Because the decision you make on your health insurance plan will likely determine your coverage for all of 2021.
In most cases, people on Medicare are not able to change insurance plans mid-way through the year. There are exceptions to this rule, like if you move, retire, or lose your group insurance coverage. But for most people, the plan you choose for 2021 will be the plan that covers you for the entire year. Which is why Medicare’s Annual Enrollment Period, from October 15 – December 7, is an important time of year.
During this time, you will want to take a look at your current coverage and decide if you want to keep it or change it for 2021. As a reminder, your current Medicare plan will automatically renew on January 1st (unless your plan is no longer being offered in your area, and if it’s not, your insurance carrier will send you a letter to notify you). If you like your plan, and the premium, copays, etc. meet your needs, you will probably want to keep your same plan for 2021. If something has changed with your health, you are not satisfied with your doctor access, or if the costs for your insurance coverage no longer suit your needs, it might be time to look at other options.
Medicare Plan advertisements on TV and information being sent in the mail can be overwhelming. There are trusted advisors in the community that can help you filter through this information, and help you choose a plan that best suits your needs. In most cases, this service will come at no cost to you. You can also access Medicare.gov to take a look at different plan options that are available in your area.
Don’t let December 7th creep up too quickly! Make sure you do your research, and let us know if we can connect you with someone who can help you make your decision.
Contribution provided by:
Medicare Insurance Specialist