Every fall, the Medicare Annual Enrollment Period (AEP) opens a crucial window — running from October 15th through December 7th — during which you can reshape your healthcare coverage for the entire year ahead. Any changes you make during this time take effect on January 1st.
Who can make changes during AEP?
Anyone already enrolled in Medicare Parts A and B is eligible to make changes during AEP. If you haven't yet reached Medicare eligibility, you'll need to wait for your Initial Enrollment Period (IEP). And if you're eligible but haven't enrolled yet, the General Election Period (GEP) is your next opportunity.
Here's a common misconception worth addressing: many people assume they don't need to do anything during AEP — that simply letting their current plan roll over is the safe, sensible choice. In reality, doing nothing is rarely neutral. Plans change their benefits, premiums, and drug formularies every year, and what worked perfectly last year may quietly cost you more this year. Staying put without reviewing your options could mean leaving real money — and real coverage improvements — on the table.
Why? Because during AEP, you can:
- Swap your current Medicare Advantage plan for a different and better one.
- Disenroll from a Medicare Advantage plan and switch back to Original Medicare — or make the move in the opposite direction.
- Enroll in a Part D Prescription Drug Plan if you're not currently in one. You can also cancel your Part D plan or switch to a different one if you're already enrolled.
A Few Examples of Advantages You Could Unlock by Changing Medicare Plans
Still wondering whether a review is really worth your time? Consider the concrete differences a plan change can make:
- You could switch to a cheaper plan. Health insurance companies introduce new, more competitively priced options every year — and unless you actively compare them, you may be overpaying without realizing it.
- You could switch to a plan with a higher star rating. The Centers for Medicare and Medicaid Services (CMS) rates every Medicare Advantage and Prescription Drug plan on a scale of 1 to 5 stars annually, evaluating factors like customer service, member experience, complaint rates, and the quality of preventive care. A higher-rated plan typically means a better experience across the board.
- More of your medications could be covered — or covered more fully. If your prescriptions have changed over the past year, it's worth reviewing your drug coverage under your current plan and comparing it to alternatives. Drug tiers, copays, and coinsurance rates vary significantly between plans, and those differences add up fast — especially if you rely on specialty or brand-name medications.
- You could be newly able to see providers you prefer — or discover that a beloved specialist is no longer covered. Provider networks under Medicare Advantage plans shift frequently. Before the new year begins, confirm that your current doctors will still be in-network by contacting your plan's member support line, and compare their network availability against other plans in your area.
- You can discover important new benefits available this year. Medicare Advantage plans increasingly offer extras beyond traditional medical care — vision, dental, hearing, over-the-counter allowances, and fitness memberships among them. Reviewing new plan options each year is the only way to find out what you might be missing.
What Information Should You Gather to Prepare for AEP?
Preparation is everything. The more organized you are heading into AEP, the more confident and informed your decisions will be. Start gathering this information now so you're not scrambling when enrollment opens.
Here is a checklist of information to gather:
- A complete list of the medications you're currently taking — including any you anticipate starting in the coming year, and any prescriptions that may soon become available as over-the-counter alternatives.
- A summary of any changes in your health over the past year. Have you developed atrial fibrillation? Has your vision declined? Are dental implants or hearing aids on the horizon? Put it all down. Plans that cover those specific needs may be available — but only if you know to look for them.
- A note on any significant life or family changes. Are you relocating to another state? Is a spouse moving into assisted living? Is a dependent child about to age off your coverage? Each of these scenarios can affect which plan is right for you — and all of them are best considered before, not after, AEP closes.
The Easy, Organized and Comprehensive Way to Prepare for the AEP
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