Moving yourself into the Medicare system for the first time can be a challenge. When we say "first time" we mean those folks that are turning 65 and need Medicare now or those that are retiring past age 65 and have to figure out how to go from their employer sponsored insurance and over to the Medicare system. That's where we come in. We're your "Transition to Medicare Team". Our Michigan-based insurance agency can coach you through the process and provide you with the products that you need to pair up with Medicare. You can call us at 248-871-7756. Or, visit our website for additional content. www.gmedicareteam.com. We provide Medicare products to those in the following states: MI -- AZ, CA, FL, IA, IL, IN, MD, NC, OH, PA, SC, TX
What is the AEP? Medicare's Annual Election Period explained
In this episode, we will be talking about everything you need to know about Medicare Annual Election Period. This time can be really overwhelming as it’s a time full of constant Medicare TV commercials, phone calls, and a pile of mails. We will help you destress this time of year!
We will cut through to all of the do’s and don’ts of the Medicare annual election period so that you can keep the right coverages for yourself.
Focus on The Annual Election Period
The main reason why there is so much focus on this time of the year is that most consumers on Medicare can have their plans changed. It's a time of chaos.
Definition of this Annual Election Period
The reason you’re going to see extra confusion this time of the year is that it drives phone calls. Carriers and agents are trying to get you to call them to inquire about changing your plan. Is that by design?
The Annual Election Period is a period from October 15 until December 7 each year when you can join, switch or drop a plan. Your coverage will begin on January 1 of the following year. It is also referred to as the Open Enrollment Period. However, that is a term that we are trying to avoid as it can be confused with the Medigap Open Enrollment. Basically, the AEP (annual election period) is the time of the year where you can make changes to your plan.
Planning your options and moves during this period
You can look at all of the 2022 and upcoming plans your options starting October 1. The time to make the actual enrollment or change is from October 15 to December 7. Don’t panic, as you have a large window to file your plan.
After looking through new plans, you can determine if you'd like to make a change. There are many options. We often do not recommend trying to change your Medigap plan during this time period as it is an extra busy time of year for carriers and agents. Unfortunately, you'll get the brunt of that.
Be attentive when people say that you can just "change your plan anytime through open enrollment" because remember, it’s not a truly "open" enrollment time period. I you try to switch from Medicare Advantage to a Medigap plan during this period, you still have to pass underwriting or health questions in most states to qualify for that plan. That is why we differentiate this with the Medigap open enrollment window.
Things you should do during this time each year
Make a list of what you do ad don’t like about your current coverage. These are essential things to consider as we are talking about changing plans with you.
Remember that you can change other plans during the entire year - those plans include: cancer policies, hospital indemnity plans and dental, and vision plans, as you can do this the rest of the year.
If you know that your plan will work for you in the following year? You don’t have to do anything!
Don’t listen to all the hype and the noise that is surrounding you. It can be overwhelming but you have to learn to tune it out.
Talk to somebody that knows Medicare. Talk to your broker or even SHIP counselors, anyone that has a true knowledge of Medicare. If not, you'll get caught up in the sales cycle.
(1) Make sure you review your documents,
(2) make sure you understand how your plan is changing,(
3) Get in touch with an expert that you can trust to help guide you through this, and most importantly,
(4) don’t get caught up in the hype with everything you see on TV.
Go to https://gmedicareteam.com/ for more information and to contact us.
Giardini Medicare is re-launching the Transition to Medicare podcast!
Future episodes will bring you more information and better information that will help you as you transition into the Medicare system.
Get ready for some good stuff!
Checking in during the crazy time!
Hope you're all well during the Covid-19 days. We're here and working as we always have been. If you need some extra TLC and help with a Medicare transition.... call any of us! 248-871-7756. Find us on Facebook, too: We're over there doing some Facebook Live sessions - keep that human interaction in play! Connect here. Take care of yourselves!
Medicare thoughts while in coronavirus mode!
Odd times, for sure. Here are some thoughts related to health insurance as a whole. How to choose it, how we work as a society, what's important and how that all relates to you and yours! Here's our YouTube Channel that was mentioned. And, Facebook ;)
Medicare is a process, not a product
Listen and learn about our approach to the Medicare process.
YouTube and More!
We have been all over the place of late! Tune into our YouTube Channel over HERE and starting learning in the privacy of your own digs. Please share with friends and family that are confused with their own transition to the Medicare system!