📆 When is AEP and What Changes Can You Make?

Oct 15 to Dec 7 is your window to review or change your Medicare plans. The last plan you enroll in takes effect on January 1st.

Note: AEP isn't for first-time Medicare enrollees, and Medigap isn't a free-for-all.

🚫 Advertisement Caution

Watch out for misleading ads. Consult trusted brokers or SHIP counselors for independent third-party advice.

🗂 Important Documents

Review your Annual Notice of Change (ANOC), Summary of Benefits (SOB), and Evidence of Coverage (EOC) to understand plan changes.

🔎 Medigap vs. Medicare Advantage

Medigap plans are lifetime contracts, while Medicare Advantage plans can change yearly. Know your needs and review plans accordingly.

💰 Changes in 2024 Costs

Part B premium rises to $174.70/month, Part D premium base at $34.70/month, and other cost increases.

🌟 Big Changes for 2024

A cap on Part D catastrophic costs is introduced, meaning $0 for medications covered after reaching the catastrophic phase.

Part D base premiums are now capped at a 6% annual increase.

Stay tuned for an insightful discussion that clears the fog on Medicare, making your Annual Election Period a breeze

Sources for this episode:

KFF Changes to Medicare Part D in 2024 and 2025

What is an Evidence of Coverage?

KFF Statistics for reaching catastrophic coverage

2024 Average Part D Premium

2024 Medicare Advantage Maximum Out-of-pocket

2024 Original Medicare costs

2024 Medigap High Deductible Plans