My how time flies! It's time to start preparing for the Medicare Annual Election Period.
Well believe it or not, the Medicare Annual Election Period (AEP) is just around the corner and it's almost time to start reviewing next year's Medicare Advantage and Prescription Drug Plans. The year has just flown by – I am truly convinced that time moves faster as we get older – or maybe we just move slower? Nope – I'm going with time just moves faster. That's my story and I'm sticking to it!
Getting Ready for Plan Research
Watch your email inbox in late August and early September for emails from us asking you to click on a link and update your doctor list (Medicare Advantage only) and your prescription drug list. Please do this for us so we can do the research for you. Plan data will be available and reliable around October 15th when the Annual Election Period begins. At that time, our research time will be burning the midnight oil and going over each and every response to determine if your current plan is still the right one for you next year. We make sure your doctors are still in the network and that it still has the most cost-effective drug pricing. If either of those things aren't true, we will let you know. Watch your email inbox for recommendation emails the week of October 17th, to either STAY with your current plan or GO to a new plan. If you receive a GO recommendation, the email will instruct you to give us a call to schedule an appointment to discuss your options.
Watch Your Mailbox for Important Changes
Watch your snail mailbox in September for your Annual Notice of Change letters that come to you from your Medicare Advantage or Prescription Drug Coverage Insurance Company. These letters go over the changes to your current plan (ie: premiums, deductibles, copays, etc.). It is VITAL you review these changes. If there is something you don't like – let us know so we can help you look for something else before the December 7th deadline.
If you are enrolled in a Medicare Advantage Plan or a stand-alone Prescription Drug Plan – you truly NEED to review your plan changes each year to make sure you are happy with the benefits, your doctors are still in your plan's network and your plan still covers all your medications in the most cost-effective way. I know that can be a daunting task, which is why we do it for you. We have invested much time and money implementing systems that allow us to provide this service to you each year at absolutely no cost to you. Over the next several months you will be inundated with TV commercials and mailers dangling benefit carrots for all these amazing plans – touting the latest and greatest. Keep in mind – they are designed to get you to call an 800# where a salesperson will talk you into whatever plan they are offering. Don't do it! They don't know you and your needs like we do. If one of those marketing pieces piques your interest, give us a call and we can see if it might be right for you. As Medicare fiduciaries and Certified Medicare Planners, we will ALWAYS provide you unbiased advice designed to meet your specific needs and desires.
We are always here to help you so call us anytime… 602-281-3898. We promise to make the change 123 Easy!
By American Retirement Advisors
American Retirement Advisors helps retirees and pre-retirees navigate Medicare, estate planning, and retirement income — so you can enjoy the retirement you've earned.
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Easy Eddie's Take
This is spot on about how fast that Annual Election Period sneaks up on you! Most people are surprised when they learn that the Medicare Annual Election Period runs from October 15th through December 7th every year, and any changes you make take effect January 1st. Here's what a lot of folks ask me: "Can I change my Medicare plan after open enrollment ends?" The short answer is usually no, unless you qualify for a Special Enrollment Period due to circumstances like moving or losing other health coverage.
For 2026, the Centers for Medicare & Medicaid Services oversees thousands of Medicare Advantage plans and Part D prescription drug plans, and they change every single year. Your doctors might leave the network, your medications might move to a higher cost tier, or your monthly premium might go up. That's exactly why reviewing your Medicare Supplement insurance, Medicare Advantage plan, or Part D prescription drug coverage annually isn't just smart, it's essential. The good news is you don't have to figure out all those plan details, formularies, and provider networks on your own.
A little preparation in late summer can save you hundreds or even thousands of dollars next year, and that makes planning ahead 123easy.