OK, AEP (Annual Election Period) has arrived. Now what do you do?
Below are some tips I recommend:
- Determine if you have been satisfied this past year with your existing Medicare Insurance plan.
- If not, you should definitely shop around for a new Medicare Insurance plan.
Note: Even if you have been satisfied, due to changes from one year to the next year your benefits may not be the same as they were this past year. So it is still prudent to check out what is available for the upcoming year in other plans and compare that to what your plan will offer in the upcoming year as well. - The next step to shop around would be to go to Medicare.gov to compare which plans offer the least expensive out of pocket expenses for your specific needs. You’ll need to type in your local zip code, the type of plan you are looking for, all your prescription drugs, including doses, how many times a day you take them, and your preferred pharmacies for a more accurate comparison.
- Once you found some of the plan choices you like, then depending on whether you are looking for a Medicare Advantage Plan or just a stand alone Prescription Drug Plan:
1) For a Medicare Advantage Plan you’ll also need to include searching within that plan’s network to determine if all your doctors or other providers are in their network for that specific plan, search your prescription tier levels for that plan, as well as check to see if the pharmacies you plan on using are preferred pharmacies in their network.
2) For a Prescription Drug Plan you should include determining if the pharmacies you plan on using are preferred in-network pharmacies. Also check to determine the tier levels of each of your drugs. - Check out the star ratings for each plan you are interested in.
- Finally after you have been educated with all that information, you’ll have a much better chance of making a good decision.
- If you need assistance in making your Medicare Insurance plan decision, an “independent” agent (an agent that carries multiple insurance companies) is the way to get the information you need without any additional charge to you, since agents get paid directly by the insurance companies for enrolling clients. That way you will get the benefit of their knowledge and experience without costing you an extra dime!
Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.
By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.
By calling this number, I understand I will be directed to a licensed insurance sales agent.
Do Agents Charge Clients Fees?
This is a common question I am asked as an independent insurance agent. The answer is that independent agents are paid directly by the insurance carrier if you enroll and NOT by the clients’ themselves. (Please Note: Independent Medicare insurance agents do not work directly for the Federal government.)
For more information regarding if agents charge fees, click on web link below to read blog post:
Medicare Insurance Plans - Do Agents Charge Clients Fees?