Why is the Medicare AEP Important?
The Annual Enrollment Period (AEP) is a Medicare enrollment period that occurs every year. During this time, you can make changes to your current Medicare coverage or join a Part D prescription drug plan.
Using this period to reconsider your coverage is important, especially for people who are already in retirement. Here’s why you need to think about the Medicare Annual Enrollment Period.
What Is the Medicare Annual Enrollment Period?
The Medicare Annual Enrollment Period falls between October 15 and December 7th of every year. This is a time of year wherein Medicare beneficiaries can make adjustments to their coverage. During this time, you will not be able to enroll in a Medicare plan if you are not already enrolled in Medicare coverage. That’s because this enrollment period is designed for people who just wish to make changes.
Annual Notice of Change
Before the Annual Enrollment Period starts, you will be sent an Annual Notice of Change by your insurer. This letter will specify any upcoming changes that will be made to your policy. If you happen to notice any changes that you are not comfortable with, the Annual Enrollment Period is your chance to switch coverage.
You’ll have plenty of time to see what your options are because information about the next year’s coverage is typically released by October 1st.
What Can You Do During the AEP?
The Annual Enrollment Period allows you to make a select range of changes to your Medicare coverage. Here are some things you can do during Annual Enrollment:
Drop a Medicare Advantage plan
Switch from Medicare Advantage to Original Medicare
Switch from Original Medicare to Medicare Advantage
Change from one Part D plan to another
Cancel your Part D plan
Enroll in a Part D plan if you haven’t already
If you make changes to your coverage during the AEP, those changes will go into effect on January 1st of the following year.
Medicare Supplement Insurance and the AEP
There are no specific rules for Medigap plans that apply during the AEP. If you wish to enroll in a Medigap plan, you can normally do so at any point of the year.
Take Advantage Of This Year’s AEP
If you wish to make changes to your coverage during this year’s AEP, we can help you find a new plan. It’s always best to make an informed decision, so allow the experts at Innovative Senior Benefits to provide you with the information you need. To get started with a free quote on Medicare plans in your area, please give us a call.