Medicare Annual Enrollment Period: What You Need to Know
Each fall, Medicare beneficiaries have an important opportunity to review their current coverage and make changes for the upcoming year.
The Medicare Annual Enrollment Period, often called AEP, runs from October 15 through December 7 each year. Changes made during this period generally take effect on January 1 of the following year.
Even if you are satisfied with your current Medicare coverage, it is still a good idea to review your plan annually. Medicare Advantage and prescription drug plans can change from year to year, including their premiums, covered medications, provider networks, copays, and other benefits.
What Can You Do During Medicare Annual Enrollment?
During the Annual Enrollment Period, Medicare beneficiaries may be able to:
- Switch from one Medicare Advantage plan to another
- Move from Original Medicare to a Medicare Advantage plan
- Leave a Medicare Advantage plan and return to Original Medicare
- Enroll in, change, or discontinue a Medicare Part D prescription drug plan
- Review Medicare Supplement coverage alongside other Medicare options
It is important to understand that Medicare Supplement plans have different enrollment and underwriting rules than Medicare Advantage and Part D plans, so changing Medicare Supplement coverage may require additional consideration.
Why Reviewing Your Plan Matters
Insurance companies can make changes to Medicare plans every year. A plan that worked well this year may not necessarily offer the same coverage next year.
Before the Annual Enrollment Period, Medicare Advantage and Part D plan members generally receive an Annual Notice of Change, or ANOC. This document explains many of the changes being made to the plan for the upcoming year.
When reviewing your coverage, pay particular attention to:
- Monthly premiums
- Deductibles
- Copayments and coinsurance
- Prescription drug coverage
- Drug formularies
- Pharmacy networks
- Doctor and hospital networks
- Maximum out-of-pocket limits
- Additional plan benefits
One of the most important steps is confirming that your doctors, hospitals, prescriptions, and preferred pharmacies will still be covered under your plan in the coming year.
You Do Not Necessarily Need to Change Plans
Annual Enrollment is an opportunity to review your coverage, not an obligation to switch.
If your existing plan continues to meet your healthcare and financial needs, keeping your current coverage may make sense. However, comparing the available options can help you identify changes before they become an unexpected problem in January.
Get Help Comparing Medicare Options
Medicare can be complicated, particularly when comparing Medicare Advantage plans, prescription drug coverage, Original Medicare, and Medicare Supplement insurance.
America's Insurance Broker helps Medicare beneficiaries review their existing coverage and compare available options based on their doctors, prescriptions, healthcare needs, and budget.
There is no obligation to change plans simply because you review your coverage. The goal is to make sure you understand your options and feel confident that your Medicare coverage continues to meet your needs for the coming year.