AEP, ObamaCare & Medicare Supplements

One of the most common questions we're being asked lately is, “Will my Medicare Supplement change this year?”  Generally people have one of two reasons for asking this question.  There are those concerned about the Annual Enrollment Period (AEP) affects them, and there are those concerned about the Affordable Care Act (ObamaCare) affects them.  The answer to the question, regardless of your concern, is “No.”

The Annual Enrollment Period is an enrollment period that applies to Prescription Drug Plans (PDPs) and Medicare Advantage Plans (MAs), but it does not pertain to Medicare Supplements whatsoever.  Both Prescription Drug Plans and Medicare Advantage Plans are set up on one-year contracts with the government to offer Medicare services.  Thus, during the Annual Enrollment Period, these plans announce their changes for the upcoming year and give you a chance to change your plan if you like.  However, a Medicare Supplement does not hold an annual contract with the government, and thus it does not have to renew anything at the end of the year.  Your coverage simply continues on without requiring you to take any action.  This is one of the reasons a Medicare Supplement remains one of the most stable, dependable, and comprehensive coverages available.

ObamaCare, similarly, does not affect your Medicare Supplement either.  In fact, ObamaCare really doesn’t even effect Medicare that much.  There were a few changes that went into effect back in 2010, but there is nothing new that will roll out in 2014.  The ObamaCare deadlines you keep hearing about are only applicable to individuals who do not receive Medicare benefits.

So there you have it.  If you have a Medicare Supplement, sit back, relax, and enjoy your holidays! 

* If, on the other hand, you have a Medicare Advantage Plan and/or a Prescription Drug Plan and you are dissatisfied with the changes your plan is making next year, please give us a call or drop us an email and we’ll help you sort through your options.  We have access to nearly every Medicare and prescription plan available in Idaho and we’d love to help take the complexity out of your search.