The Annual Election Period (AEP) for 2024 Plans
The fall Annual Election Period (a.k.a. Medicare open enrollment) is upon us. We have already started discussing 2024 plans as of October 1st. We can start taking applications October 15th for the 2024 plan year. December 7 is the closing date of the AEP. Please help us to avoid the last-minute rush.
Please Ignore the Medicare-related TV and Clicky Internet Advertising
Note: This article was originally published in 2021. We have updated it to reflect current changes.
We received an email from a client with a copy of an internet click-bait ad that stated the following:
“$2,041 SS payment—All seniors are due a large $2,041 Social Security benefit this week.”
This verbiage has scam written all over it. All seniors? Really? Why $2,041? Where does this money come from and who’s paying for it? This is classic click-bait that entices the greed and gullible person to click on it.
Let’s revisit the psychology of advertising. Most advertising is designed to create anxiety, apprehension, and discontent. It also presses your fear and greed buttons. The ads are purposely choreographed to upset your equilibrium and peace of mind. Please remember that this is all done very subtly, and that’s the cleverness and deceptiveness of advertising. This is why advertising copy writers get paid big bucks.
Another element of advertising is to create fear. Misguided Medicare advantage advertising creates fear that you might be missing out on something really important such as a big payment or some other Medicare benefit. The bottom line is that the advertising by design is manipulative.
A more sinister aspect of advertising, especially television advertising, is to bombard your senses to the point where your ability to differentiate between truth and fiction is broken down. Your senses are dulled. The trickery is to “push your feelings button rather than your intellect button. Be assured, there are no pots of gold sitting at the end of the rainbow!
For more understanding about the scamsters and click-baiters, please view our companion article, Medicare ‘boiler room’ Scams Prey on Senior Citizens Ahead of Open Enrollment
If you have questions, doubts, or concerns after viewing a Medicare-related TV or internet ad, please call or email us FIRST! Please keep in mind that we are swamped this time of year and will get back with you as fast as possible.
IF YOU ARE HAPPY WITH YOUR MEDICARE ADVANTAGE OR MEDICARE SUPPLEMENT PLAN AND IT’S WORKING WELL FOR YOU, THERE IS NO NEED TO CHANGE!
Part D Prescription Plans: Many people have us re-shop these plans for them every year. We need to change these plans to stay current with the best buys.
The Types of Changes You Can Make During the Fall AEP
Abbreviations:
- Medicare advantage plan = MA.
- Medicare advantage with prescription drugs = MAPD
- Prescription Drug plan = PDP
For those where a change is appropriate, the following list are changes that you can make.
- You can change from one PDP to another PDP.
- You can add a new PDP if you never had one but need one now. A late enrollment penalty may apply.
- You can change from one MA/MAPD to another MA/MAPD plan. Remember, the MA plan only does not have a prescription plan embedded in it.
- You can drop your Medicare supplement plan and switch to a MA/MAPD plan if one is available in your county of residence.
- You can drop your MA/MAPD plan, go back to original Medicare, and add a Medicare supplement plan. Medical underwriting applies in most situations. Medicare also allows you to sign up for a PDP so you do not lose prescription coverage.
- The Lasso MSA plan is discontinued for 2024 and is no longer is available.
Changing from one Medicare Supplement Plan to Another
First, it’s important to note that you can change your Medicare supplement plan ANY month of the year. This change is NOT restricted to the fall AEP, however, you must medically quality with the new company you are applying to. This change is usually done to get lower rates.
There is an exception. Washington has continuous open enrollment. Oregon and Idaho have the birthday rule which allows you an open enrollment period following your birthday. In these cases, there is NO medical underwriting.
Part D Prescription Plan (PDP) News
Please refer to our two companion articles:
This Tier 3 Copay Change Could Cost You Hundreds of Dollars
PDPHelper.com
Many of you have successfully used our website, PDPHelper.com to submit a list of your prescriptions to us. Doing so helps us to shop for you the most competitive PDP or MAPD.
Ways to Contact Us
Phone: (208) 746-6283 or (888) 746-6285
Fax: (888) 819-0176
Email: lance@nwsimail.com or elizabeth@nwsimail.com
Website: nwseniorinsurance.com Please click on the “Contact Us” tab.
PDPHelper.com: Submit a list of your prescriptions to us using this website.
Conclusion
As stated above, we strongly encourage you to use our PDPHelper.com website as a way of submitting of list of your current prescriptions. We thank you for your patronage and wish you the best for the upcoming 2024 season. End.