2022 Medicare Annual Election Period Is Here!
It is officially that time of the year again! Medicare beneficiaries can now enroll in Medicare Advantage and Prescription Drug plans for coverage set to begin on January 1st, 2022. Just like last year, there are many changes for 2022 including new plan options for many of our customers and some significant changes to Prescription Drug plans.
The Annual Enrollment Period can be a challenge and we want you to rest assured; we are here to assist you every step of the way.
Here are some facts about the 2022 Annual Enrollment Period and also tips about how to stay organized and not get distracted by the flurry of advertisements headed your way.
Reasons for Changing Your Plan during the Annual Election Period
There are many reasons why people may want to change plans during the Medicare Fall Open Enrollment period, but here are some of the most common:
- You don’t like the plan changes coming up for the next year
- Your monthly plan premium is going up
- You have learned that one of your doctors will no longer be in the network
- The plan is dropping one of your important medications for next year
- You want the more comprehensive coverage provided by a Medicare supplement plan
Be on the lookout for the Annual Notice of Change packet
You will receive an Annual Notice of Change in the mail for your Part D drug plan or Medicare Advantage plan (if you are enrolled in one.)
Medicare insurance carriers must send them to you by September 30 each year. This notice will tell you what’s changing with your plan next year.
This packet is a big ‘ol door-stopper. Many people toss it aside and procrastinate looking at it. Sometimes they put it off past January 1st, and then it’s too late to make changes.
Don’t let the size of the packet freak you out. Usually the very top letter in the packet is a summary of the changes listed side by side from this year’s benefits to next year’s benefits. If the changes seem minor to you, chances are you don’t need to do anything at all.
However, if something major is changing, then you’ll want to know about it soon enough that you can contact an agent to make changes.
You want to thoroughly review the packet before the Annual Enrollment period begins.
Know your Medicare Annual Election Period Time Frames
The Annual Election Period lasts from October 15th – December 7th, and any changes made occur on January 1st. This time frame is different than from a few years ago, so don’t forget about that and think you can change all the way up to December 31st because you can’t.
The window to make changes is short, and that’s why it needs to be marked clearly on your calendar.
If you have any questions, please give us a call. We can refer you to one of our licensed agents.