The Medicare Advantage and Prescription Drug Plan Annual Enrollment Period—also known as AEP—provides an opportunity each year for Medicare beneficiaries to evaluate their current coverage and make changes. Here are some steps that can help you prepare for this year’s Medicare Annual Enrollment Period.
Know When Medicare Annual Enrollment Period Takes Place
AEP takes place from October 7-December 15 each year, and during this time, Medicare beneficiaries can:
- Switch from Original Medicare (Part A and Part B) to a Medicare Advantage plan (Part C)
- Change from one Medicare Advantage plan to another Medicare Advantage plan
- Switch from one Prescription Drug plan (Part D) to another
- Add a Prescription Drug plan if you didn’t enroll when first eligible for Medicare
Create a Checklist to Figure Out What Type of Medicare Coverage You Need
There are various types of coverage available, but determining what coverage you need all comes down to your priorities. From the cost of premiums and deductibles to out-of-pocket costs for prescription drugs, knowing what’s most important to you will help you narrow down your Medicare options. We offer this quiz to help get you started on figuring out what type of Medicare plan is right for you.
Review Your Current Medicare Insurance Plan
Knowing your current monthly premium, annual deductible and type of plan before you compare your coverage options will help you determine if any changes need to be made.
Make a List of Medications and Evaluate Your Current Prescription Drug Plan (Medicare Part D)
It’s important to keep a list of your medications to make sure you get the coverage you need. If your prescriptions have changed since last year, the Medicare Annual Enrollment Period is the time to evaluate whether your prescription drug coverage still gives you the coverage you need at an affordable price.
Understand the Difference Between Medicare Fall Open Enrollment and Medicare Advantage Open Enrollment Period
The Medicare Advantage Annual Enrollment Period can easily be confused with the Medicare Open Enrollment Period. The Medicare Advantage Open Enrollment Period runs from January 1-March 31 each year and allows Medicare Advantage enrollees to make a one-time plan change.
Still have questions about AEP? Let us help.
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