The Medicare Annual Enrollment Period (AEP) lasts from October 15th through December 7th. It is the perfect opportunity for Medicare beneficiaries to make the most out of their coverage and find a plan that works for them.
What is the Annual Enrollment Period (AEP)?
You can make changes to your current Medicare coverage during the AEP. You cannot, however, enroll in Medicare for the first time. If you have not enrolled in Medicare and are above age 65, you will have to enroll during the General Enrollment Period, which starts January 1st and lasts through March 31st.
During the AEP, if you have Original Medicare alone, you can switch to an Advantage plan or add a Part D plan. You can also do the opposite and revert to Original Medicare from an Advantage or drop your Part D plan.
Most Advantage plans will include Part D in their list of benefits. If not, you can switch to an Advantage plan with Part D or vice versa.
If you are dissatisfied with your current provider, you can switch to a new one. You can look for an identical plan to your current one with this new provider or switch to a different one.
How it Helps
But what does all of this mean for you? What are the benefits? You may have already begun to realize the opportunity available during the AEP. If, for any reason, you are dissatisfied with any part of your plan, you can fix it during this time.
Say your current provider notifies you that they are raising their premiums. You’re concerned about being able to afford it and whether or not you are getting the most out of your money. Then, let’s say you find a different plan that offers the same coverage but at a better price. You can make the switch during the AEP.
How You Can Prepare for the AEP
There are many opportunities to make your Medicare coverage better during the AEP. The question is, how? You can prepare by first reviewing your current coverage. In September, your Medicare Advantage or Part D provider will send you an Annual Notice of Change (ANOC) and Evidence of Coverage (EOC). These documents will let you know of any changes to your plan and provide a list of your current benefits.
Using this list, you can shop around and compare different plans available to you. And, if you end up being satisfied with your current plan, you can just sit back. But making sure that you have the best possible coverage each year will ensure that you get the most out of your Medicare.
Get Ready with Us—Call Today
We can help you discuss your options and get ready for the AEP. To learn more, call Cornerstone Senior Advisors, call 316-260-3331.