Medicare's annual election period-also known as Medicare annual enrollment period is the time each year which medicare plan enrollees can reevaluate their coverage and make changes. Medicare's annual enrollment period is October 15-december 7th. during this period, anyone with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs. Medicare health and drug plans can make changes each year to cost, benefits, coverage and the plan's network of providers and changes to the plan's drug formulary. It is very important this year (2020) to review your current plan as the centers for Medicare and Medicaid (CMS) have now opened up Medicare Advantage plans to those with End Stage Renal Disease(ESRD) with an effective date of 01/01/2021. This is a great benefit for those with ESRD that reside in states where there is no Guaranteed Issue Medicare supplement plans, as Medicare Advantage plans have no pre-existing conditions attached to them. The downside is that Maximum out of pocket limits will increase due to this change. The bottom line is if you did not read you Annual Notice of Change notice you received in September, then you might have changes to your plan that could affect your out of pocket costs next year. I do not recommend you navigate Medicare plans on your own. The Medicare waters are muddy and you need someone that specializes in Medicare to guide you. Using an independent Medicare Agent will be a huge benefit to you. There is no steering you to a specific plan as the companies all pay the same commission. As an Independent Medicare Agent it is our responsibility is you the Medicare Beneficiary. A good Medicare Agent will ask the right questions and do all the research for you to ensure the plan that bests suits your individual needs. If you or your loved one is on Medicare, call your local Medicare Agent anytime starting October 1st but know, no plan change for the following year can be done prior to October 15th and no later than December 7th unless you are a Veteran with VA benefits or have one of a few other Special enrollment periods available to you.
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