Annual Enrollment Period
The Annual Enrollment Period is quickly approaching! Do you need help with your Prescription Drug Plan?
The Annual Enrollment Period:
Mid October through the first part of December is often referred to as “Open Enrollment Period” or “Annual Enrollment Period”. They go hand in hand, and here’s why. During this time, you can not only make changes to your stand-alone drug plan, but you can also make changes to your Medicare Advantage plan (depending on which one you have). We recommend having someone like us in your corner to assist you through these changes. Our only requirement for this annual assistance is that you sign up with a Medicare Supplement or Medicare Advantage plan through our advisors. If you do not currently have one of those plans through us, give us a call today and one of our advisors will be glad to help. They can be reached at (877) 759-5760, option 1. The Annual Enrollment Period comes every year at the same time, beginning October 15th and ending December 7th. Some clients are under the impression that the Annual Enrollment period is the only time you can change or get a Medicare Supplement. This is not true. The good thing about Medicare Supplements is that you can change them anytime throughout the year. This Annual Enrollment Period is only for making changes in a stand-alone prescription drug plan or a Medicare Advantage plan.
Part D Late Enrollment Penalty:
One very important thing to remember is, if you do not obtain a drug plan when you are first eligible, you could receive a late enrollment penalty which is assessed by the Centers for Medicare & Medicaid Services (CMS). The penalty is 1% for each month you go without drug coverage and will always be added to any drug plan or Medicare Advantage plan when you enroll. If you have employer coverage and are on Medicare, I encourage you to check with your employer’s human resource department to ensure the coverage that you have is considered creditable drug coverage.
How can our services benefit you?
The drug plans change every year, so you will need to review your plan annually to see what changes are approaching. That’s where MWG Senior Services can help! We offer a FREE service to all our Medicare Supplement and Medicare Advantage clients each year by helping to review your drug coverage to see what changes are being made for the upcoming year. The drug plans are so highly regulated and have so much information to take in, it is hard to know which way to go. We do all the work for you! Already have a supplement with someone else? No problem! Any of our advisors can help you look at supplemental options that could help you save some money! Have questions or need help with your Medicare supplemental options Call MWG Senior Services at 877-759-5760 or email us at email@example.com.