Written By Steve Padgham
Annual Enrollment Period (also known as AEP) … but WHY does it matter?
If you are enrolled in a Medicare Advantage Plan or a Part D drug plan, you should receive an Annual Notice of Change Booklet around October 1.
What is this?
This notice of change will give you a snapshot of the changes you can expect with your plan for the following year.
What should you do?
First, make sure you understand the changes! Second, clients should use this opportunity to learn about other options! “Formularies, premiums, and deductibles” – all big insurance words equate to spending or saving money!
So when you see the commercials, billboards, and signs telling you it’s time to review, it matters because money matters, especially when you are on Medicare!
Brief History of Medicare:
- President Harry S. Truman called for a national health insurance fund in 1945, but it wasn’t signed into law until 1965 by President Lyndon B. Johnson.
- In 1972, Medicare coverage expanded to include individuals under 65 with long-term disabilities and people with end-stage renal disease (ESRD).
- Home health & hospice services were added in the 1980s
- Legislation in the 1990s gave private health insurance companies more options for Medicare coverage -now known as Medicare Part C-Medicare Advantage
- President George W. Bush signed into law in 2003 an optional prescription drug benefit: Medicare Part D. This benefit is provided only by private insurers
- In 2022, it was estimated that almost 65 million Americans had health coverage through Medicare.
For expert advice, contact Steve Padgham, your fellow Sun City neighbour, Agent and Broker, by email at [email protected] or call 760-406-1255
