Navigating Medicare’s Annual Election Period (AEP) and Open Enrollment Period (OEP) can be crucial for ensuring you have the right coverage for your healthcare needs. These periods offer the opportunity to review, change, or enhance your Medicare plans, but understanding the differences and timing is key to making the best decisions. Our experienced team is here to help clarify these options and guide you through the process, ensuring you make informed choices—continue reading to learn how you can optimize your Medicare coverage during these important windows.
Medicare’s Annual Election Period and Open Enrollment Period are crucial times for beneficiaries, but if you’re new to Medicare, you might need a quick refresher.
Every fall, many of us look forward to Medicare’s Annual Election Period (AEP) from October 15 to December 7. This is your chance to switch Medicare Advantage plans or adjust your Part D prescription coverage. Missed out on enrolling in a Part D plan when you were first eligible? You can do that during AEP, though keep in mind a late enrollment penalty might apply.
Now, let’s talk about the Open Enrollment Period (OEP), which runs from January 1 to March 31. If you’re already on a Medicare Advantage plan, this is your one-time chance to switch plans or drop it altogether and return to Original Medicare (Parts A & B). You can also pick up a Medicare Supplement plan or enroll in a stand-alone Part D plan—if you return to Original Medicare.
However, during OEP, you cannot:
- Switch from Original Medicare to a Medicare Advantage plan
- Join a Part D plan if you’re on Original Medicare
- Switch from one Part D plan to another if you’re on Original Medicare
People switch their plans for all sorts of reasons—maybe a favorite doctor is no longer in-network, co-pays have increased, or a prescription isn’t covered anymore. Remember, when you choose a new plan, you’re locked into it for the entire year, so pick wisely!
Each year, plan providers can change costs, coverage, and networks. That’s why it’s vital to review the “Evidence of Coverage” and “Annual Notice of Change” materials you’ll receive by October 15. If your plan still meets your needs and is available next year, you don’t need to do anything.
When reviewing your options, consider this: a no-premium plan might sound great, but it could come with high out-of-pocket costs. Some plans give you more freedom to choose providers, while others have restrictions—so weigh your options carefully.
Switching Medicare Advantage or Part D plans is easy. Simply apply for the new plan, and you’ll be automatically dropped from the old one. New plans kick in on January 1.
If you’re thinking of returning to Original Medicare, remember it doesn’t cover everything. Many people opt for a Medigap plan to fill the gaps, but if you’re outside your Initial Enrollment Period, you may need to undergo medical underwriting. To avoid any surprises, consider getting approved for a Medigap plan before dropping your Advantage plan.
Medicare’s Annual Election and Open Enrollment Periods are your opportunities to ensure your coverage is working for you. Take advantage—review your options, ask questions, and find the best plan for your needs.
We’re here to help! Contact one of our licensed agents at 1-877-413-1556 or schedule a free consultation to explore your options.
Original Article by Kim Cowles and Mike Reisert