When is the Annual Enrollment Period?
Mark your calendars for October 15 to December 7. This is the new Annual Enrollment Period which starts and ends earlier than in previous years. This enrollment period only occurs once a year, so it is important to be prepared beforehand so you can take advantage of the opportunity to make positive changes in your coverage. New coverage changes will begin on January 1st.
What is the Medicare Annual Enrollment Period?
The Medicare Annual Enrollment Period, or AEP, is the time for those who are already enrolled in Medicare to make decisions regarding whether to join, switch or drop Medicare plans. The following is an overview of the plans Medicare offers:
Part A: Hospital Insurance – Helps cover inpatient care and some home health care.
Part B: Medical Insurance – Helps cover doctor appointments, preventative care and medical equipment.
Part C: Medicare Advantage – Offers options through private insurance companies.
Part D: Prescription Drug Coverage – Helps cover prescription drug costs.
The Annual Enrollment Period is NOT the ONLY time of year you can sign up, or enroll in Medicare. You are eligible to enroll in Medicare during the Initial Enrollment Period (IEP), a 7-month window which includes the three months before you turn 65, the month you turn 65 and the three months after you turn 65.
The AEP is designed for individuals who are already enrolled in Medicare benefits to make changes to their current policy. You will want to take advantage of the annual enrollment period to review, change or adjust your Medicare plan.
How to Change to Your Medicare Plan(s) During AEP
Once you know what changes you may want to make, you can use the Medicare.gov plan finder to find Medicare Advantage, prescription drug plans (Medicare Part D) or Medicare Supplement plans in your area that meet your needs. After you answer a few questions about your location and your health status, the plan finder will assemble a list of plans for you to review.
You can also talk with your local insurance agent to discuss your options and changes you may want to make to your current Medicare plan(s) during the Annual Enrollment Period.
For assistance with changing your Medicare coverage or to speak with one of our Medicare specialists at Braden Insurance, give us a call or stop by our office.
