What Can I Do During the Medicare Annual Enrollment Period?
Medicare Annual Enrollment Period: What This Guide Covers
This guide explains medicare annual enrollment period in plain language, reviewed by a licensed Octans agent. Use the summary below to jump to the section you need, and contact us with questions about your own situation.
- What medicare annual enrollment period means and who it applies to
- The rules, costs, and timelines to know
- Common mistakes to avoid
- When to talk to a licensed agent
Table of Contents
The Medicare Annual Enrollment Period (AEP) is here! If you’re new to the Medicare program or haven’t heard of the AEP before, this may seem like a whirlwind. What is the AEP, and when does it open and close? Most importantly, who can help you make a plan choice?
What is the Annual Enrollment Period?
The Annual Enrollment Period runs from October 15 to December 7 every year. This is your chance to make changes to your Medicare insurance plan!
During AEP you can:
- Enroll in a Medicare Advantage plan if you have Original Medicare (Parts A and B).
- Return to Original Medicare from a Medicare Advantage plan by not renewing for the next calendar year.
- Move from one Medicare Advantage plan to another.
- Enroll in a Medicare Part D plan.
- Switch from one Part D plan to another.
- Drop your Part D plan completely.
Unless your Initial Election Period (IEP) coincides with this 54-day period, you cannot use the AEP to sign up for Original Medicare for the first time.
Information about the next year’s health and drug plans become available each October, and we recommend working with a licensed sales agent to make sense of your current coverage and future options. Independent, licensed sales agents cannot charge you for their services and are required to represent your best interests.
If your plan is changing or you weren’t satisfied with your coverage, you may be interested in changing your plan. Comparing different plans can also help you save money or receive coverage that better fits you. Any coverage changes you make go into effect January 1 of the following year.
When researching AEP, you may see it called a few different names. Don’t worry, they’re all referring to the same period of time. Alternative AEP names you might hear include:
- Annual Election Period
- Annual Coordinated Election Period
- Open Enrollment Period (OEP)
- Fall Open Enrollment Season
Can I Make Changes Outside of the AEP?
Once the Annual Enrollment Period ends, you may still be able to make changes to your coverage. For example, January 1 to March 31 is the Medicare Advantage Open Enrollment Period. During this time, you may be able to make a one-time switch to a new Medicare Advantage (Part C) plan or return to Original Medicare without incurring a penalty.
If any number of special circumstances apply to you, you may make changes to your Medicare Advantage and Part D coverage by using a Special Election Period (SEP).
Read more:CMS.gov. Medicare Open Enrollment. – https://www.cms.gov/priorities/key-initiatives/medicare-open-enrollment-partner-resources Not affiliated or endorsed by Medicare or any government agency.
Keep Reading: Related Guides
- How and when to change Medicare plans
- Medicare deductibles explained
- Medicare glossary of common terms
Medicare Annual Enrollment Period: Frequently Asked Questions
What can I change during the Medicare annual enrollment period?
During the Medicare annual enrollment period (October 15 to December 7) you can switch between Original Medicare and Medicare Advantage, change Advantage plans, and join, drop, or switch Part D plans. Changes take effect January 1.
Should I review my plan every year?
Yes. Plans change premiums, formularies, and networks each year. Review your Annual Notice of Change each fall before the Medicare annual enrollment period ends.
Medicare Annual Enrollment Period: Next Steps With a Licensed Agent
Questions about medicare annual enrollment period usually depend on your age, health, state, and budget. A licensed Octans agent can review your situation, compare options from more than 120 carriers, and explain the trade-offs before you decide. Call (617) 935-9220 or request a free quote.
Related guides
We do not offer every plan available in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Sources: Medicare.gov; Centers for Medicare & Medicaid Services. This article is for general information and is not tax, legal, or medical advice.