Medicare?s AEP Is Open: Here's How To Change Medicare Plans

Medicare's annual election period (AEP) for coverage beginning Jan. 1, 2022, is in full swing, but enrollment will be open for only a few short weeks.

What Is The Medicare AEP?

The Medicare AEP began on Oct. 15 this year and will go through Dec. 7. During this six-week period, anyone with a Medicare plan can change their existing coverage to better suit their prescription and medical needs. Should you enroll in a new plan during this time, your new coverage will take effect on Jan. 1, 2022.

It?s important to review any changes your current Medicare health and drug plan may have made to its benefits, premiums or coverage options. These changes will be outlined in ?Evidence of Coverage? (EOC) and ?Annual Notice of Change? (ANOC) forms you?ll receive in the mail.

If your current coverage is meeting your medical and prescription needs, there?s no further action you must take to retain the same coverage you?ve had this year. However, there are a few circumstances in which changing plans could greatly benefit you and put money back in your pocket.

Reasons To Switch Medicare Plans

Whether you have new health needs or your circumstances have changed, here are a few reasons you might want to consider switching plans before it's too late.

You Have New Health Needs

If you have additional health needs, be sure to review your current plan to see what you may need to add for next year. Maybe you?ve developed a new health condition or need some additional health coverage going forward. For example, Medicare A and B do not cover dental or vision benefits, but Medicare Advantage (MA) plans do. You can switch to a bundled MA plan to gain those benefits for a teeth cleaning or a vision exam.

You may also want to take advantage of the additional health benefits that other plans offer. For instance, some MA plans can provide transportation services to appointments, caregiver benefits, and adult day care options. Reach out to a specific plan provider to learn more about their extra benefits.

You Don't Need The Same Benefits

If your health situation has changed over the last year, and you no longer require certain benefits offered by your current plan, you may benefit from switching plans. Whatever your circumstances, map out the services you feel comfortable having and compare them to what your current plan offers. If you find you no longer require certain services, consider switching to a plan that encompasses all the essentials without anything additional.

Your Prescription Medications Have Changed

Both MA plans and Medicare Part D plans can change the prices of certain drugs based on a tier system. If you see your medication has been moved to a more expensive tier, look at other Medicare plans that may be able to get you better prices on your prescriptions. Because plans can change the tiers for prescriptions each year, be sure you?re checking your plan?s formulary and you?re happy with the coverage options.

If you?ve switched from a brand drug to a generic or vice versa, it might be worth looking at other plans that can get you the best price on necessary medications. Just because one medication is in one tier on a certain plan doesn?t mean it will be the same on other plans. Additionally, if you?ve gone off a normally expensive medication or no longer need a certain prescription, consider updating your Medicare plan so you aren?t paying for coverage you don?t need.

If you?re generally happy with your Medicare health coverage but often find your medication isn't covered or that your out-of-pocket costs are still unmanageable, you may simply need an additional resource instead of a whole new Medicare plan. GoodRx can be a great cost-saving resource that can be used in lieu of Medicare to get lower prices on prescription drugs in many circumstances. This guide can help you determine when to use GoodRx instead of Medicare for your health care needs.

You Need A More Affordable Option

You may find your current Medicare plan is cutting into your monthly funding and the payments could be spent toward other household expenses. During AEP, explore other plan options to see if there?s a cheaper alternative that still has the essential coverage you need.

Switching to a different plan could save you hundreds or even thousands of dollars and keep you from paying for services you no longer require. For instance, you may be able to get a lower premium payment for a higher deductible depending on the amount of medical care you require.

Remember, using GoodRx can also help you save money on prescription costs by allowing you to compare prices of name-brand and generic medications at different pharmacies.

Your Current Plan Has Changed

Medicare plans can change from year to year. Plan providers will let you know what they changed by mail before AEP begins in your Evidence of Coverage and Annual Notice of Change materials. You may find your plan no longer offers certain benefits you rely on or is upping the premium charge or deductible. This variance in coverage may be a good reason for you to reconsider your current plan.

If you find that your coverage and premiums aren?t changing and want to keep with your current plan, however, you don?t have to take any action for the plan to roll over into the next year.

Additional Resources To Help You Choose The Best Plan

Auto-renewing your current Medicare plan when your needs or finances have changed may result in lost savings and potential confusion about your medical coverage. One way to help educate yourself on your options is the GoodRx Medicare Center, which offers useful content, tools and savings opportunities for Medicare enrollees. This resource can help you better understand a complex Medicare topic, break down your coverage, and even help you save money on health costs.

Visit GoodRx's new Medicare Center to find tools and resources to help you get the most out of Medicare.