Medicare Annual Open Enrollment period, also known as Annual Enrollment Period (AEP), occurs between October 15 – December 7 each year. As a Medicare-eligible beneficiary, you may receive a significant number of marketing materials leading up to AEP. Here’s what you need to know about Medicare’s most busiest period.
What is the Medicare Annual Enrollment Period (AEP)?
The Medicare Annual Enrollment Period (AEP) is a time frame during which eligible individuals can review and change their Medicare coverage for the following year. It typically takes place from October 15th to December 7th each year. During this period, individuals can make changes to their Medicare Advantage plans, Part D prescription drug plans, and switch between original Medicare and Medicare Advantage.
Why does it exist?
The purpose of the Annual Open Enrollment Period is to give Medicare beneficiaries the opportunity to ensure that their healthcare needs are being met by their coverage. It is important to review and evaluate your plan during this time because changes to your healthcare needs or circumstances may require a different level of coverage or a different plan altogether. Additionally, plan benefits, costs, and coverage can change from year to year, so it’s essential to stay up-to-date with any changes that may impact your coverage.
If you are currently enrolled in original Medicare, you can use the Annual Open Enrollment Period to enroll in a Medicare Advantage plan or switch to a different Advantage plan. You can also add or change your Part D prescription drug coverage. If you are already enrolled in a Medicare Advantage plan or a Part D plan, you can use the Annual Open Enrollment Period to switch to a different plan or make changes to your current plan.
Don’t Get Confused…
It’s important to note that the Medicare Annual Open Enrollment Period is not the same as either:
Medicare Supplement Open Enrollment Period
The Medicare Supplement Open Enrollment Period occurs when an individual is first eligible for Medicare and lasts for six months. During this time, individuals can enroll in a Medicare Supplement plan without being subject to medical underwriting (also known as guaranteed issue).
Medicare Advantage Open Enrollment Period
The Medicare Advantage Open Enrollment Period is a time frame when Medicare beneficiaries who are enrolled in a Medicare Advantage plan can make changes to their coverage. It takes place from January 1st to March 31st each year. During this period, individuals can switch to a different Medicare Advantage plan, switch from a Medicare Advantage plan back to original Medicare, or add or change their Part D prescription drug coverage.
This period is specifically for individuals enrolled in Medicare Advantage who want to make changes to their coverage. The Medicare Advantage Open Enrollment Period provides beneficiaries in Medicare Advantage to test out their new plan every new calendar year as benefits update and make any necessary changes to ensure that their healthcare needs are being met.
Conclusion
In conclusion, the Medicare Annual Open Enrollment Period is a critical time for Medicare beneficiaries to review and make changes to their coverage for the following year. Taking the time to evaluate your healthcare needs, compare plans, and make any necessary changes can ensure that you have the coverage you need to stay healthy and secure in the coming year.
At CoverRight, we’re here to help you find the right coverage that you deserve. Reach out today and start finding the right Medicare plan for you.
