Annual Enrollment Period basics, rules, and facts
There are various Medicare enrollment periods allotted each year. Discover all you need to know about Medicare’s Annual Enrollment period, or “AEP”.
In this article, Medicare recipients and prospective members will learn the basics of AEP and the changes that they can make during AEP each year. Let our advisors help you through the Annual Enrollment Period!
What is Medicare AEP?
Medicare “AEP” is Medicare’s Annual Enrollment Period, also called the Annual Election Period. AEP is one of four Medicare enrollment periods in which beneficiaries can change their Medicare coverage. AEP runs from October 15 to December 7.
Who does AEP affect?
Medicare AEP is not a period that affects all Medicare recipients and prospects; many people will be able to renew their plans without taking any action. However, if you wish to enroll or change a Medicare Advantage (also called Medicare Part C) or a prescription drug plan (also called Medicare Part D), AEP is a vitally important time.
What Changes Can You Make During AEP?
There is a lot you can do during AEP. You can:
- Switch from a Medicare Advantage plan to Medicare and Medicare Supplement Insurance
- Enroll or switch your Medicare Advantage plan
- Switch from a Medicare Advantage Plan to just Original Medicare (Part A & Part B)
- Replace Original Medicare (Part A & Part B) with a Medicare Advantage plan
- Enroll or switch your prescription drug plan (Part D)
- Change from a Part D plan to a Medicare Advantage plan (if you are enrolled in Part A and Part B of Original Medicare)
- Remove your Part D prescription drug coverage
Note: Medicare Supplement plans allow you to enroll at any time.
It’s important to note that any changes you make during AEP take effect on January 1 of the following year. However, since Medicare Supplement plans are not dependent on enrollment periods, those changes will take effect immediately.
Get help during AEP
If you need help determining which changes (if any) to make, be sure to call United Medicare Advisors. We’ll take the time to listen to your needs, identify eligible plans, hep you enroll, and make sure no mistakes are made. Call us at (855) 665-9200 or visit our Plan Comparison Tool to get started.