Medicare’s Annual Election Period (AEP), sometimes referred to as the Medicare open enrollment, takes place each year from October 15 through December 7. During this time, Medicare beneficiaries can review their coverage and make changes that generally take effect on January 1.
For financial advisors, AEP is an important opportunity to help clients prepare for potential changes in health care costs. You do not need to have extensive Medicare knowledge to provide valuable guidance. A trusted Medicare referral partner can help clients with plan-specific questions while you remain focused on their broader financial goals.
Why Clients May Need a Plan Review
Medicare plans can change each year. Premiums, deductibles, copayments, provider networks, covered services, prescription formularies and pharmacy participation may all be different for the upcoming plan year. Encourage each client to review their Annual Notice of Change (ANOC) letter, which is sent out in September, and consider whether their current coverage still meets their needs.
A plan review may be helpful if a client:
Has experienced a change in health
Wants to confirm doctors remain in network
Is concerned about premiums or out-of-pocket costs
Received unexpected updates to plan benefits
Is considering Medicare Advantage or Medicare Supplement options
Even if a client ultimately keeps the same plan, a review can provide confidence that their coverage continues to fit their needs and budget.
Common Questions Advisors Receive
Clients may ask whether they should change plans or whether they can continue seeing their preferred doctors. They may also want to understand the difference between Medicare Advantage and Medicare Supplement insurance.
Financial advisors can help clients understand how health care expenses fit into retirement planning. However, plan comparisons and enrollment assistance should come from licensed insurance professionals who specialize in Medicare solutions.
When to Refer a Client
Consider making a referral whenever a client has Medicare questions beyond your knowledge. Referring them before AEP or Medicare open enrollment begins may also help secure an appointment before demand increases.
How Medicare BackOffice® Helps
Medicare BackOffice connects financial advisors with insurance agents who are licensed to help clients review Medicare Advantage and Medicare Supplement options. Partners can refer clients, track referral activity and access helpful marketing materials through a personalized dashboard.
Learn how the Medicare referral process works and explore simple ways to connect clients with support. Also, learn more about partnering with Medicare BackOffice or review Medicare FAQs for additional information.
Contact us to access to Medicare support for your clients and create a simple process for handling Medicare questions throughout the year.