The Medicare Annual Election Period (AEP) is a crucial time for Medicare beneficiaries. It’s when you have the opportunity to evaluate your current coverage and make changes to ensure your plan suits your needs for the coming year. But now that the AEP has ended, what’s next?
While it may feel like a relief to have your decisions finalized, there are still a few important steps to take to ensure you’re making the most of your Medicare coverage. From confirming your providers to exploring opportunities to save, these post-AEP tasks can help you maximize your benefits and start the year with confidence.
In this post, we’ll walk you through four important steps to take after the AEP. Let’s get started!
Step 1: Update Your Providers
One of the first things to do after the Annual Election Period is to ensure your healthcare providers are updated with your new insurance details. If you’ve made any changes to your Medicare Advantage or Part D prescription drug plan, your providers need to have the correct information on file.
Start by contacting your primary care physician, specialists, and any other healthcare providers you see regularly. Let them know about any changes to your coverage, including your plan name, member ID number, and the effective date of your new plan. This ensures seamless billing and avoids unexpected out-of-pocket expenses due to insurance miscommunications.
Additionally, double-check that your new plan includes all the providers you intend to visit. Even if you confirmed during AEP that your doctors were in-network, it’s always a good idea to verify after the plan becomes effective. Networks can sometimes shift, and staying proactive can save you time and stress.
Don’t forget about pharmacies! If you switched Part D prescription drug plans, verify that your preferred pharmacy is still in-network and review the cost-sharing for your medications. You may also want to explore whether mail-order services, which are often included in Medicare Advantage or Part D plans, can offer additional savings or convenience.
Taking the time to update your providers not only streamlines your care but also helps you avoid costly surprises when you visit a doctor or fill a prescription under your new plan.
Step 2: Review Your Benefits
After the Annual Election Period, it’s important to take a close look at the benefits included in your Medicare plan for the new year. Whether you stayed with your current plan or selected a new one, understanding the details ensures you can fully utilize your coverage.
Start by carefully reviewing your plan’s Summary of Benefits or Evidence of Coverage documents. These materials outline key information about your plan, such as your deductible, copayments, coinsurance, and out-of-pocket maximum. Knowing these details will help you budget for healthcare expenses throughout the year and avoid surprises when you access care.
Next, take note of any changes to your coverage. Did your plan add or remove specific benefits, adjust cost-sharing, or modify the list of covered medications? For example, some plans might have expanded their drug formularies, added new wellness programs, or introduced benefits like transportation or meal delivery services. Understanding these updates allows you to take full advantage of what your plan offers.
Additionally, confirm any prior authorization requirements. Certain treatments, procedures, or medications may need approval from your insurance company before being covered. Being aware of these requirements in advance can help you avoid delays in receiving care.
Finally, don’t overlook the preventive services covered by Medicare. Many plans include no-cost access to screenings, vaccinations, and annual wellness visits. Scheduling these appointments early in the year can set you on the path to better health while helping you make the most of your plan.
Step 3: Use Your Extra Benefits
Medicare plans, especially Medicare Advantage plans, often include additional benefits beyond standard medical and hospital coverage. These extra benefits are designed to enhance your quality of life and support your overall well-being. Once the Annual Election Period ends, it’s the perfect time to explore what’s available and start taking advantage of these perks.
One of the most popular extra benefits is dental, vision, and hearing coverage. Many Medicare Advantage plans provide routine dental cleanings, eye exams, and hearing tests, along with allowances for things like glasses, contact lenses, or hearing aids. If you haven’t already, schedule appointments for these services to get the care you need while reducing out-of-pocket costs.
Another valuable benefit is fitness and wellness programs. Plans often include memberships to fitness centers or online workout platforms like SilverSneakers. Staying active is essential for maintaining good health, and these programs make it easier and more affordable to engage in regular exercise.
Many plans also offer over-the-counter (OTC) allowances that let you purchase health-related items such as vitamins, bandages, and pain relievers at no additional cost. Review your plan’s OTC catalog or website to see what’s covered and how to order. Regularly using this benefit can save you money throughout the year. Plus, most plans have a “use it or lose it” policy. You may need to use your OTC allowances every month or quarter. Don’t assume they’ll continue to roll over until the end of the year.
Don’t forget to check for transportation services or meal delivery programs, which are increasingly common among Medicare Advantage plans. These benefits can be especially helpful after a hospital stay or for individuals who face challenges with mobility.
Step 4: Look for More Ways to Save
Maximizing savings is a smart step after the Annual Election Period, and your Medicare plan may offer several opportunities to help you keep healthcare costs under control. With a little proactive effort, you can reduce expenses while still receiving quality care.
Start by exploring discount programs and cost-saving features included in your plan. For example, some plans offer preferred pricing for using in-network providers, pharmacies, or mail-order prescription services. Switching to generic medications when available can also significantly lower your out-of-pocket costs. If your plan includes an over-the-counter (OTC) allowance, be sure to regularly use it to save on everyday health items.
Next, see if you qualify for government programs designed to assist with Medicare-related costs. Programs like the Extra Help program or Medicare Savings Programs can reduce expenses for prescription drugs, premiums, or other out-of-pocket costs. Eligibility depends on income and asset limits, so check your qualifications—you might be surprised at the assistance available.
Another way to save is by managing your preventive care effectively. Many Medicare plans include no-cost access to screenings, vaccinations, and wellness visits. Staying on top of these services can help you catch health issues early, potentially avoiding costly treatments down the road.
Additionally, consider tracking your healthcare spending throughout the year. Review your statements and bills for errors, and don’t hesitate to contact your provider or insurance company if you spot discrepancies. Knowing where your money is going can help you identify unnecessary costs and adjust accordingly.
Finally, consult your Medicare agent or advisor for advice on optimizing your plan’s benefits. They can help you identify hidden opportunities for savings and ensure you’re on track to make the most of your coverage.
Take Control of Your Medicare Benefits Today
Now that the Annual Election Period has ended, it’s time to take charge of your Medicare coverage and make it work for you. The steps you take today can have a lasting impact on your health and finances throughout the year.
Don’t let this opportunity pass you by—reach out to your healthcare providers, review your benefits, and start using the extra services and savings available to you. If you have questions or need help navigating your plan, don’t hesitate to contact our office. Our team specializes in helping Medicare beneficiaries like you get the most out of their coverage.
Ready to maximize your Medicare plan and gain peace of mind? Call us today or schedule a consultation. We’re here to guide you every step of the way. Let’s make this year your healthiest and most confident yet!
