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How to Avoid Mistakes When Choosing Medicare Plans

“A problem well-stated is a problem half solved,” said renowned inventor and businessman Charles F. Kettering. With the number of options, choices and deadlines facing you when making Medicare decisions, it’s not difficult to run into a few problems. In some cases, you may not realize it until it’s too late. So, what are some mistakes when choosing a Medicare plan? Here are five of the most common: Staying the Course Without Reviewing Your Current Medicare Coverage You signed up when you were eligible. That’s good. But inertia can be a dangerous thing. One of the most common mistakes is doing nothing after you’ve signed up for your initial plan. Medicare’s Annual Enrollment Period (AEP) runs mid-October into December so you can adjust your coverage as your needs change. Like your needs, Medicare options change each year, as well as potentially the cost of those options. Are you making good…

How to Plan for the Medicare Annual Enrollment Period

Every year, the Medicare Annual Enrollment Period (AEP) or Open Enrollment kicks off Oct. 15 and closes Dec. 7. Whether you are newly eligible for Medicare or already in a plan, you’ll want to consider several items in preparation for the enrollment period. We outline steps to help ensure you get the most out of your planning. Already Enrolled in Medicare? The Medicare Annual Enrollment Period is an important time for you. Before the AEP starts, it’s always good to review your current needs and anticipate what you might need in the coming year. Perhaps you now need prescription drug coverage. If your current coverage is not providing everything you need, you can now modify your plans for next year. Or conversely, maybe you obtained services this year that are no longer of value. The AEP provides an opportunity to drop or switch plans. Furthermore, Medicare health and drug plans could…