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What you need to know about the Medicare Open Enrollment Period

8/19/2015

6 Comments

 
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If you are on Medicare, you've probably heard of the time of year known as the Medicare Open Enrollment Period (OEP) or the Annual Election Period (AEP).  This is the time of year between October 15th and December 7th where you can look at your Medicare plan options and decide to stay on your current Medicare Advantage or Prescription Drug plan or switch to another plan.  

Note:  if you are on a Medicare Supplement plan you are able to switch to another Supplement any time throughout the year but you do have to go through Medical Underwriting. 

Typically the Insurance Companies will send out their Annual Notice of Changes (ANOC) towards the middle of September.  This lengthy document explains the details of your plan's benefits for the upcoming year beginning January 1st.   You must read the ANOC in it's entirety to make sure there are no surprises with your plan.  The main benefits you want to make sure you look at are:
  • Monthly Premium
  • Deductibles
  • Copays
  • RX Cost
  • RX Formulary
  • Provider Network

If you are happy with the changes (or lack thereof) and want to stay on your current plan, you don't have to do anything.  Your current plan will automatically renew for the following year and you will receive a new ID card in the mail.  The new card should arrive sometime in December and go effective January 1st.  

If for any reason you are unhappy with your plan's benefits for the upcoming year, the Open Enrollment Period is the time where you can "shop around" to see what else is available in your area.  You will undoubtedly be seeing product offers from all types of companies through the the mail, TV, internet and other media outlets.  You will likely feel overwhelmed with all the information.  This is a great time to contact your Local Brokers at The Legacy Council to help you sort out and navigate all the different plans and information.  The TLC licensed experts spend many hours each year certifying with all the different insurance companies to be able to offer expert advice to our clients.  Based on your specific situation we can help you find the plan that best suits your individual needs.  Since we represent most Major Carriers in the area we can provide a non-biased consultation on all the different plans available to you.  

If you don't currently work with a broker, The Legacy Council would be happy to help by providing a no-obligation meeting during the Open Enrollment Period or any time throughout the year.  Just give us a call at (513) 442-2000.  We'd love to welcome you into our TLC family as one of our valued clients.  
6 Comments
Robert Jacobs
9/19/2017 09:30:37 pm

Jack, Marie and I want to explore our options for the coming year including supplement and advantage plans.

Reply
Bob & Marie
9/21/2017 02:00:45 am

Hi Bob! We'll be glad to work with you and Marie to explore the options for 2018. It's always good to hear from you. We'll look forward to seeing you soon.
Jack

Reply
Home Renovation Cranston link
9/6/2022 08:38:31 pm

Thank you for shharing

Reply
Mia Evans link
11/15/2022 01:26:30 am

It's interesting to know that the plan you will get will automatically renew after a year if we are happy with its coverage. I will share this information with my aunt because she plans to get herself covered now that she is in her 50s. She will start looking at Medicare health plan options this year to be able to decide and buy a policy by 2023.

Reply
how do i sign up for medicare link
2/10/2023 06:32:28 am

Thanks for delivering such an exciting post. I hope to see more great posts like this in the future and keep the good work going on.

Reply
Thai Escort East Norwalk link
6/10/2025 06:41:17 am

I will be sure to review my plan details during open enrollment.

Reply



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Medicare Disclosure: "We do not offer every plan available in your area. Currently, we represent 8 organizations which offer hundreds of plans in your area. Please contact Medicare.gov, 1–800–MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options."

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