2022 AEP

The Medicare Annual Election Period or AEP ended on December 7th just as it does each year.

It was a tale of 2 Open Enrollments. 

It seems that most folks decided to keep their existing plan.  The only reason those people may have changed plans is because perhaps their doctor or doctors no longer accepted their plan. In this case they would have to change to a plan that takes their doctor, otherwise, people were just standing pat. 

My opinion is due to the Coronavirus Pandemic people were reluctant to make any changes. Let’s face it, these are uncertain times and one thing that remains stable is their Medicare Plan.  If their plan changed it probably got slightly better or stayed the same.

You will see these changes, if any, on the Annual Notice of Change or ANOC.  Remember, this form is very helpful because it shows you your current plan and then any changes for the following year would be listed on that ANOC.  Always review your Annual Notice of Change so that there are no surprises.

There is a plan that many of my customers took advantage of for 2022 and that was the Medicare Advantage “Giveback” plans.  Let’s talk more about these plans because they were very popular for 2022.

As we can probably all confirm it’s been a difficult few years with Coronavirus.

In addition to the fact that many people have died from Coronavirus it has caused a severe kink in the supply chain for many industries from Automotive to Furniture to Beef.  As a result of many employees having to quarantine after having been exposed, so many employees are leaving their post, and a large number of them have not returned.  They have reinvented themselves and/or have found other work. 

Since much business is being done remotely it makes it very difficult for face-to-face businesses to continue. Because times are tough right now many Medicare recipients have opted for plans that actually credit their Social Security monthly so as to offset their Medicare Part B premium. These plans are even more attractive now that the Government has increased the Part B premium to $170.10 for 2022. 

I’ve seen a half dozen Giveback plans out there, but you must be careful. Many plans that offer this giveback feature will typically raise the Copayments on Specialists visits, Out-Patient Hospitalization, Emergency Room Care, and Urgent Care visits.  There are better giveback plans than others. Make sure you talk to your agent to get a full benefit summary or call me, and I would be happy to check and see what Giveback plans are available in your area.

Keep in mind the Open Enrollment Period OEP which used to be called the Medicare Advantage Disenrollment Period runs from Jan 1st to March 31st. If you feel that you chose the wrong plan during AEP, you can use OEP to make another change especially if you are interested in taking advantage of the Giveback program. You would have that option.

Just call Gary at 954-532-2060 and he will find you the best solution.

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