Two-Minute Read: Medicare's Annual Enrollment Period

Medicare’s Annual Enrollment Period (AEP) runs from October 15th-December 7th and allows some Medicare recipients certain rights they do not have during the rest of the calendar year. Businesses associated with the Medicare insurance industry, like United Medicare Advisors, expect a significant uptick in production during these weeks.

The two main things related to AEP that one cannot do during the rest of the year:

1. Switch out of a Medicare Advantage program into something else
2. Enroll in a new Medicare Part D prescription drug plan

You may notice, however, that there is no mention of Medicare Supplement insurance. Since Medicare Supplement is United Medicare Advisors’ primary product, why do we write more business during AEP than in any other period of the year?

For United Medicare Advisors, the surge in business (beyond standard production expectations) during AEP comes from two categories:

1. Those who are switching from a Medicare Advantage program to a Medicare Supplement plan

2. Those who have Medicare Supplement but are under the impression they had to wait until AEP to comparison shop their plan.

Medicare recipients who have Medicare Supplement plans can switch to another carrier or plan at any point during the year, not just during AEP. Unfortunately, this is not often stated in advertisements and leads to people waiting for October 15th to switch, when they could have changed to a more affordable plan months before.

Clearing the air about AEP’s purpose is a portion of SVG’s online content plan. Throughout the remainder of 2014, the United Medicare Advisors website will begin to incorporate more Medicare resources to help serve its audience. Beyond simply developing the online presence of UMA, this content will also help to inspire a lucid conversation between potential clients and sales agents.

For more Medicare advice and information, visit United Medicare Advisors

 

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