Today marks the beginning of the Annual Election Period (AEP) for Medicare Health & Drug Plans. This is the period during which Medicare beneficiaries may change their Medicare Advantage (Part C) plan or Medicare Part D Prescription Drug Plan. Medicare beneficiaries also may use the Annual Election Period to dis-enroll from the Medicare Advantage program and return to Original Medicare.
The Medicare AEP runs from October 15 - December 7. Medicare plans selected as part of AEP become effective on January 1, 2015 and are guaranteed for the duration of 2015 (subject to timely payment of plan premiums). For more information, click here to be directed to CMS.gov.
Last week, the U.S. Department of Health & Human Services announced that the Medicare Part B premiums and deductibles for 2015 will remain the same as the last two years! In addition, 2015 premiums, copays and deductibles for other Medicare programs were announced. The Centers for Medicare & Medicaid Services (CMS) released a bulletin that can be read in its entirety by clicking on this link.
Until next time,
Andrew Herman, President
AH Insurance Services, Inc.
