What is the Medicare Annual Enrollment Period?
The Annual Enrollment Period otherwise referred to as AEP, is the time of year when a Medicare beneficiary can make changes to their current coverage.
Plan benefits change each year, allowing Medicare beneficiaries to look around to ensure they are electing the plan that best fits their needs. With Medicare Advantage and Part D plan benefits changing every year, premiums could increase, benefits can be changed, and prescription drug formularies can be different.
Every September you will receive an Annual Notice of Change (ANoC) letter. This letter explains all the changes that will be affecting your plan in the upcoming year. The AEP gives you a chance to change if you are not happy with the future adjustments to your plan.
When is the Medicare Annual Enrollment period?
The enrollment window runs from October 15th to December 7
th each year. Changes made during AEP this year go into effect January 1, of the following year.
What can I co during the Medicare AEP?
- Drop an Advantage Plan and return to Original Medicare
- Elect to change from one Advantage plan to a different one
- Change from Original Medicare to an Advantage plan
- Elect to change from one Part D prescription drug plan to another
- Cancel your current Part D plan
- Pick up a Part D plan if you currently do not have one
What’s the difference between Medicare AEP and OEP?
Unlike AEP, where you have several options. Open Enrollment Period (OEP) is limited on what changes you can make. This enrollment period is ONLY for beneficiaries currently enrolled in a Medicare Advantage plan.
The Medicare Advantage Open Enrollment Period (OEP) runs annually between January 1 and March 31.
During this window, a current Medicare Advantage enrollee can:
1. Switch from one Medicare Advantage plan to another.
2. Disenroll from a Medicare Advantage plan and return to Medicare, with or without a prescription drug plan.
If you have a Medicare Advantage Plan, you can switch to another or you could switch to just a Part D plan.
You can only make one change to your healthcare coverage during this time, so choose wisely. Once you make that change, you cannot make another change until the Annual Enrollment Period (AEP) unless you qualify for a Special Enrollment Period.
When Will My Policy Go in Effect if I Enroll During the Open Enrollment Period?
Remember, OEP is different than AEP. The Open Enrollment Period runs annually between January 1 and March 31.
If you enroll in a policy during the Open Enrollment Period, coverage starts on the first day of the following month.
Example – enrollee signed application on February 17th, new plan would start on March 1st.
Can I get local help with my Medicare plan?
Yes, we are local to the Richmond, Virginia area and we come to you. Are you unhappy with your current coverage? Do you wonder if there is a better plan option out there for you?
If you're looking to change your current Medicare Advantage plan during the Annual Enrollment Period, just give us a call for a no obligation appointment. We can help you compare plans and get the coverage you need.
Call LCA Insurance Group Today
804-239-1868
