The Annual Enrollment Period (AEP) for Medicare runs from October 15 to December 7. This is the time when Medicare enrollees can make changes to their current plan. We frequently receive questions from clients about the AEP and what it entails, so here are some answers to help guide you in making informed choices.

What changes can I make during Open Enrollment?

During the Medicare Annual Enrollment Period (AEP), you have the opportunity to examine and adjust your Medicare options. You can switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. It's crucial to consider these changes carefully, as they can significantly affect your healthcare expenses and coverage in the upcoming year.

What’s the difference between Original Medicare and Medicare Advantage?

Understanding the differences between these two is important. Original Medicare, managed by the government, usually requires separate drug coverage and offers optional Medigap plans to cover additional costs. In contrast, Medicare Advantage plans, offered by private insurers, often bundle both medical and drug coverage, with some plans including extra benefits like dental and vision care. Deciding between these options depends on your healthcare needs and budget.

Do I need to do anything if I’m happy with my current plan?

Yes and no. Even if you’re content with your current Medicare plan, reviewing your coverage annually is wise because aspects like premiums, provider networks, and drug formularies (the list of medicines covered by a plan) can change. Taking the time to verify that your plan still meets your needs can save you from unexpected costs later.

When can I learn about next year’s plans?

Starting in October, information about the upcoming year's plans becomes available. This is the perfect time to begin your research. Utilize resources like calling 1-800-MEDICARE or visiting Medicare.gov to gather detailed information, so you’re prepared to make informed decisions during the enrollment window. You may also wish to speak with a professional Medicare consultant, who can explain the different options available to you and personally answer any questions that you have.

What if I miss the Open Enrollment deadline?

Missing the Open Enrollment deadline could mean you’ll have to stick with your current plan for another year unless you qualify for a Special Enrollment Period. Such periods are typically available after major life events, like moving or losing other insurance coverage. Planning ahead helps you maintain control over your healthcare choices and avoid this situation. By understanding Medicare’s Annual Enrollment Period, you empower yourself to make decisions that can lead to improved coverage or savings. Start your research early, make use of reliable resources, and consider seeking advice from professionals if needed. Remember, even a brief review of your plan can result in significant benefits.

Would you like to speak with a Medicare professional for some guidance with choosing the best plan option for you? Reach out to our office to schedule a free Medicare consultation!

Disclaimer: 

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities.