Medicare AEP Can Be Complicated. A Licensed Insurance Broker Can Help!

Posted by Melissa Hanes
Estimated Reading Time 1 minute 31 seconds

Medicare’s Annual Election Period (AEP), which runs from October 15 through December 7, is an important opportunity to review your Medicare coverage. But with different costs, provider networks, prescription formularies, copays, and deductibles to consider, reviewing plans can quickly become complicated.

Fortunately, you don’t have to sort through all of those details by yourself. Working with a Licensed Insurance broker can make the process much easier.

One of the biggest advantages of consulting a licensed insurance broker is having someone help you review plans based on your individual needs. Rather than looking only at monthly costs a licensed broker can help you consider the bigger picture.

For example, prescription drug coverage can vary considerably between plans. A licensed broker can help you determine whether your medications are included on a plan’s formulary and examine factors such as drug tiers, pharmacy networks, deductibles, and copays.

Your doctors and healthcare providers are another important consideration. If you are considering a Medicare Advantage plan, you will want to know whether your preferred physicians, specialists, hospitals, and other providers participate in the plan’s network. A licensed insurance broker can help you investigate these details before you enroll.

Then there are costs. An affordable monthly cost only tells a part of the story. Depending on the plan and the healthcare services you use, you could also encounter deductibles, copays, coinsurance, and other out-of-pocket expenses. Understanding these costs can help you make a more informed decision.

Perhaps most importantly, Medicare beneficiaries generally do not pay an additional fee for a broker’s assistance. Licensed insurance Brokers are typically compensated by insurance companies when permitted under Medicare rules, so you can receive personalized help without an added charge for the consultation.

Even if you like your current plan, reviewing your coverage during AEP is worthwhile. Plans, costs, formularies, and provider networks can change from year to year, and your own healthcare needs may have changed as well.

If you would like help reviewing your Medicare coverage during this AEP, give us a call or send an email and connect with a licensed insurance agent. We can help you review available options, understand the details, and make an informed decision about your coverage for the coming year.