As you turn the calendar to October and we roll into the Fall season, the air is turning cooler and the farm fields are being harvested. Pumpkins are filling the roadside stands and their flavor and smell is infused into everything possible…drinks, foods, candles. Personally, I love the crisp cool air, the opportunity to open the windows in the house throughout the day, and sitting by a fire in the evenings over the weekend. With all the above changes, we’re also brought to the Medicare Annual Enrollment Period. Ready or not, if you’re eligible for Medicare you will soon have more kindling material that you can burn in those fire pits!
First of all, what is the Annual Enrollment Period (AEP)? Well, each year between October 15th and December 7th is a time frame that allows those with Medicare a chance to sign up for, change, or disenroll from a Medicare Advantage plan or prescription drug plan. During this 7 to 8 week period you are afforded the most flexibility to make changes. If you desire to review your coverage or if you know a change is needed, then it is best to use this time frame to accomplish that.
What things may necessitate a meeting? In life the one constant is change. If you had changes to your health, whether that is to prescriptions that you’re taking, seeing a new doctor, or even anticipating a procedure in the upcoming year, it would be a great time to review your current coverage. Another consideration to keep in mind is how the plans themselves change. If you have a Medicare Advantage plan or prescription drug plan you will receive an Annual Notice of Change booklet. Though it isn’t the most exciting read, it is an important one! I would suggest you review the booklet. Also know that we would be happy to discuss those changes with you.
Do I have to call or sign anything to keep my current coverage? Generally, NO. If your current plan is continuing into 2020, you’re satisfied with the way it worked, and you understand the upcoming changes in coverage, then you do not need to do anything. There are times that plans will be discontinued and you will be notified of your need to sign up for a new plan in the AEP. If you do have questions about your existing coverage or about other plans that are available, please give our office a call and we will be happy to answer any questions that you have.
Is there any cost to meet with an agent to sign up or make changes? No; even if you decide to keep your current plan there is no charge for a review meeting. You also will not pay more if you were to sign up for insurance through an agent compared to buying it directly from the company.
This year don’t let the Annual Enrollments Season overwhelm you. Please give me a call if you would like a personal review of your coverage for upcoming year and to be sure you are in a plan that makes sense for your situation.
You can reach me at 717-407-5200 or Jim@barewealthadvisors.com.
Financial Advisor is a Registered Representative of and offers securities through Securities America Inc., Member FINRA/SIPC. Financial advisory services are offered through Securities America Advisors Inc. Bare Financial Services, Inc. dba Bare Wealth Advisors and the Securities America companies are independently owned.