By James M. How
“For all your days be prepared, and meet them ever alike. When you are the anvil, bear… When you are the hammer, strike.” – Edwin Markham
Health is one of the most important things in our lives and we should strive to protect it to the best of our ability. Now that we’re in October, we’re going to be talking about preparing for the Annual Enrollment Period for Medicare, and why it’s so important to take advantage of this time to look at the different plans in your area. This article will be of benefit to those already on Medicare, those who are “aging in” to Medicare for the first time and families who help their loved ones with Medicare decisions.
The Annual Enrollment Period (or AEP) for Medicare runs every year from October 15 to December 7. Even though most people enroll in Medicare when they first become eligible, this period each fall is when you can shop around and change your Medicare plan. So how can you best prepare yourself for the upcoming AEP? Start by taking the time to realistically examine what “needs” you have when it comes to healthcare. After determining your needs, then determine your “wants.” Health is an ever-changing element of our lives, so revisit your needs/wants list annually to make sure it stays up to date with your situation.
Next, create a detailed list of what prescriptions you’re taking, including the dosage and frequency. It will also help if you know if your prescription is a generic or brand-name drug. This will help you examine the costs associated with your prescription drugs for the upcoming year. When you start looking at different Medicare plans, start with the formulary – the list of drugs that the plan covers and at what cost to you.
Now that you’re in the habit of making lists, here’s one more. Create a list of the doctors (including specialists), hospitals and clinics you visit. Include the specialty of the doctor, frequency of your visits and the reason you visit them. To find a list of doctors, hospitals and clinics that accept the specific Medicare plans you’re looking into, look for each plan’s Provider Directory. Here’s an inside tip: Check online Provider Directories first, since they’re the most up to date.
AEP can be an overwhelming part of the year, but having this information prepared helps you navigate the turbulent waters of Medicare commercials and junk mail you’re going to receive. The goal is to find a plan that best fits YOUR needs and also includes some, if not all, of your wants. We’ll be hosting AEP Sales Seminars throughout the western North Carolina area this fall. You can find an event close to you by going to our website here, or by checking your local paper or community resource. Attending one of these events is free and you’re under no obligation to enroll into a plan.
With these three lists, you’ve successfully completed what’s called a “needs assessment.” Using this information (that you should keep safe, by the way), you’re more prepared to look at what options are available to you or your loved one, and you’ll be ready – like the hammer – to strike during this year’s AEP.
James How is a Community Outreach/Medicare Advisor with FirstCarolinaCare. He loves living in the beautiful Blue Ridge Mountains and enjoys hiking, camping or just sitting by an open fire with his wife, their two crazy dogs Kea and Cooper, and a bag of marshmallows.
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