Medicare’s Annual Election Period (AEP), also commonly called Medicare Open Enrollment, begins October 15 and runs through December 7 each year. During this important enrollment window, Medicare beneficiaries have an opportunity to review their current coverage and make certain changes for the coming year. Changes made during AEP generally take effect January 1.
October 15 will be here soon, so now is the time to start preparing. Even if you are satisfied with your current coverage, reviewing your Medicare plan options each year can be worthwhile because plan premiums, benefits, prescription drug coverage, provider networks, pharmacy networks, and other details can change from one year to the next.
What Changes Can You Make During AEP?
Depending on your current coverage, Medicare AEP gives you several options. You can:
- Switch from one Medicare Advantage plan to another, with or without prescription drug coverage.
- Move from Original Medicare to a Medicare Advantage plan.
- Leave a Medicare Advantage plan and return to Original Medicare.
- Join, drop, or switch Medicare Part D prescription drug plans if you have Original Medicare.
However, having the ability to make a change does not necessarily mean you need one. If your current coverage continues to meet your healthcare and financial needs, you may decide to keep it.
Start Preparing Before October 15
You don’t have to wait until AEP begins to get organized. Start by reviewing the Annual Notice of Change (ANOC) and other information sent by your current plan. Look for changes to premiums, deductibles, copays, prescription drug coverage, and provider or pharmacy networks. CMS specifically recommends reviewing the ANOC and Evidence of Coverage materials when evaluating coverage for the coming year.
It’s also a good idea to make a current list of your medications, preferred pharmacies, doctors, specialists, and healthcare facilities. Think about how your healthcare needs may have changed during the past year. A plan that worked well before might not necessarily be the most appropriate option for the year ahead.
Talk to Your Health Insurance Broker
Medicare choices can become complicated quickly, particularly when you are comparing premiums, drug formularies, provider networks, copays, and additional benefits.
That’s where your health insurance broker can help. Instead of trying to sort through all of the choices alone, speak with your broker before or during AEP. We can help you review your current coverage, discuss changes for the upcoming year, and compare available options based on your individual needs.
Medicare AEP begins October 15, so now is the perfect time to prepare. Gather your information, review your current plan, and schedule a conversation with us, your health insurance brokers, so you will be ready when the enrollment period opens.