The Medicare Annual Enrollment Period (AEP) is an important timeframe for making changes to your Medicare coverage options, if needed. AEP occurs annually from October 15 to December 7, with any changes you make taking effect from January 1.
What Changes Can You Make During AEP?
The changes you can make during AEP depend on your current Medicare coverage. Below, you’ll find information about the actions you can take based on your current situation:
- If You Have Original Medicare (Parts A & B) Only:
- Join a Medicare Advantage plan (Part C) with or without prescription drug coverage.
- Enroll in a stand-alone Medicare prescription drug plan (Part D). Be aware of potential penalties if you lack creditable drug coverage.
- Maintain your current coverage, which will automatically renew.
- If You Have Original Medicare (Part A and/or Part B) and a Stand-Alone Medicare Prescription Drug Plan (Part D):
- Switch to a Medicare Advantage plan (Part C) with or without drug coverage.
- Change your Medicare prescription drug plan to a different one.
- Decide to drop Medicare prescription drug coverage entirely, but keep in mind possible penalties if you want coverage later.
- Maintain your current coverage, which will renew as is.
- If You Have a Medicare Advantage Plan (Part C) with Integrated Drug Coverage:
- Switch to another Medicare Advantage plan with or without drug coverage.
- Return to Original Medicare by discontinuing your Medicare Advantage plan.
- Enroll in a stand-alone Medicare prescription drug plan if you return to Original Medicare or switch to a Medicare Advantage plan without drug coverage.
- Decide to drop Medicare prescription drug coverage, remembering that you could face penalties if you choose coverage later.
- Maintain your current coverage, which will renew as is.
- If You Have a Medicare Advantage Plan (Part C) and a Stand-Alone Medicare Prescription Drug Plan (Part D):
- Switch to a different Medicare Advantage plan with or without drug coverage.
- Change your Medicare prescription drug plan to a different one.
- Return to Original Medicare by discontinuing your Medicare Advantage plan.
- Decide to drop Medicare prescription drug coverage but be aware of potential penalties if you want coverage again later.
- Maintain your current coverage, which will renew as is.
AEP is also an ideal reminder to review your Medicare plan each year. This ensures that you have the coverage best suited to your needs for the upcoming year.
Please contact us for more information, you may also grab this helpful guide here for more on how you can prepare for the upcoming AEP season.
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