Medicare Annual Election Period
It's that time again, the Medicare Annual Election Period. This period, also known as the Annual Election Period (AEP0, occurs every year beginning October 15th. During the Initial Enrollment Period (IEP), you can choose to enroll in Original Medicare or a Medicare Advantage plan. That period is the seven months around your 65th birthday (three months before, the month of, and three months after).
Betweeb October 15th and December 7th, you can change your Medicare Advantage or Prescription Drug plan if it no longer meets your needs. Medicare health and drug plans can change costs, coverage and who is in their networks each year. The AEP is for Medicare beneficiaries who want to change their Medicare Advantage or Prescription Drug coverage.
Changing Your Medicare Coverage.
The Annual Election Period is for beneficiaries who want to change their Medicare Advantage or Prescription Drug coverage.
You could change from:
- Original Medicare to a Medicare Advantage plan
- An Advantage plan to Original Medicare
- One Medicare Advantage plan to another Medicare Advantage plan
You could also join, drop or switch to a Medicare Part D (prescription drug) plan during this time.
So which plan is best for you?
How do you know the plan that is best for you? Your coverage depends entirely on your life specifics like your health, lifestyle, budget, etc. You need to read the materials you receive from their plans - your "Evidence of Coverage" (EOC) and your "Annual Notice of Change" (ANOC).
In October, this information becomes available for the following year's plans, and you need to review them to see if your plan is changing or no longer meets your needs. If you are satisfied with your current plan and it is still offered, you don't need to do anything.
Remember that you have a choice about the Medicare coverage you are entitled to, and the enrollment period lets you change that coverage if you are unhappy with it or want to change it for any reason.
Get More Medicare Plan Information
You can find Medicare plan information or compare plans at Medicare.gov, by calling 1-800-MEDICARE, or by speaking to a licensed insurance agent like us! It costs you nothing to get our help in comparing Medicare plans to see what will meet your needs the best. So, click below to get a Free Quote or give us a call today.