Medicare Annual Enrollment Period
Medicare’s Annual Enrollment Period (AEP) dates are October 15 through December 7. During that time, a Medicare beneficiary should review their coverages and determine whether any changes are needed for next year. It is always in your best interest to have an annual review. Here is an update based on the projected changes for 2021 (final numbers not yet available). Final numbers are usually released in October.
Medicare Coverage Options include Medicare Supplements, Medicare Advantage Plans, and Medicare Cost Plans. The options continue to grow as the number of people age 65 and over increases.
If you have health benefits offered by an employer, you can remain in the employer plan if it is considered “creditable coverage”. We can help you to determine whether it is more cost effective to use the employer plan or use Medicare.
COBRA benefits are not “creditable coverage” for Medicare. Do not use COBRA after you turn 65. Those who are eligible for Veteran’s Benefits can use either VA or Medicare. Tricare enrollees typically do not need to use Medicare.
Some employers offer retiree health plan benefits that can be used instead of Medicare or that integrate with Medicare.
A helpful resource: www.medicare.gov/Pubs/pdf/10050-Medicare-and-You.pdf
Your Medicare decisions are important. The team at ComPro will help you evaluate your options.