What is the Medicare Annual Enrollment Period?
The Medicare Annual Enrollment Period (AEP) is a specific time frame during which Medicare beneficiaries may enroll in or make changes to their Medicare Advantage Plan (Part C) or their Medicare Prescription Drug Plan (Part D) coverage. This period occurs once a year and lasts for a set period of time.
Here are some key points to know about the Medicare Annual Enrollment Period:
Timing: The Medicare Annual Enrollment Period takes place from October 15 to December 7 each year. The dates do not change from year to year. It’s important to be aware of the timeframe if you wish to enroll in a new plan or make changes to your current coverage.
Eligibility: AEP is, primarily, for Medicare beneficiaries who are already enrolled in Medicare Parts A and B, aka Original Medicare, who wish to update prescription drug coverage or possibly enroll in Medicare Advantage. Additionally, AEP is for anyone enrolled in a Medicare Advantage plan who wishes to make changes to their current plan.
What You Can Do During AEP:
- Switch from Original Medicare (Parts A and B) to a Medicare Advantage plan (Part C).
- Switch from a Medicare Advantage plan back to Original Medicare.
- Change from one Medicare Advantage plan to another.
- Join or drop a Medicare Part D prescription drug plan.
Actions Taken During AEP Take Effect on January 1: Any changes made during the Medicare Annual Enrollment Period become effective on January 1 of the following year. This gives Medicare beneficiaries time to review their options and make choices that best suit their healthcare needs.
Other Enrollment Periods: It’s important to note that the AEP is different from other Medicare enrollment periods, such as the Initial Enrollment Period (when you first become eligible for Medicare) and the Special Enrollment Periods (SEP). SEPs are triggered by certain life events like moving to a new service area, losing employer coverage, being diagnosed with certain chronic conditions, or qualifying for Extra Help, aka LIS (Low-Income Subsidy), with prescription drug costs.
The Annual Enrollment Period should not be confused with the Medicare Open Enrollment Period (OEP) which runs from January 1 to March31 each year. The OEP allows a one-time change available to people already enrolled in a Medicare Advantage Plan. Since only one change may be made during this time, any plan change will stay in effect for the entire plan year.
Reviewing and Comparing Plans: During the AEP, beneficiaries are encouraged to review their current coverage by reading their Annual Notice of Change (ANOC). Speak with your trusted Medicare advisor to assess any changes in healthcare needs and compare the available options. This allows you to make informed decisions about your healthcare coverage for the upcoming year.