It’s that time of year again. Medicare’s Annual Enrollment Period (AEP) is your opportunity to review your coverage and decide whether it’s still the best fit for your health needs, preferred providers, prescriptions, and budget for the year ahead.
During AEP, you can:
- Switch from Original Medicare to a Medicare Advantage plan.
- Switch from Medicare Advantage to Original Medicare.
- Change from one Medicare Advantage plan to another.
- Join, switch, or drop a Medicare Part D prescription drug plan.
If you’re happy with your current coverage, you don’t need to make any changes. In most cases, your plan will automatically renew for the following year. However, benefits, costs, provider networks, and prescription drug coverage can change annually, making a yearly review a smart idea.
Missing the AEP deadline could mean waiting until another enrollment period to make changes, so mark these important dates on your calendar.
Related: Understanding the Difference: Original Medicare vs. Medicare Advantage
By September 30: Receive Your Annual Notice of Change (ANOC) and Evidence of Coverage (EOC)
If you’re enrolled in a Medicare Advantage plan or a Medicare Part D prescription drug plan, you should receive your Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) by September 30. These documents outline any changes to your plan that will take effect on January 1, including:
- Premiums
- Deductibles and copayments
- Prescription drug coverage
- Provider networks
- Extra benefits
Even if you’re satisfied with your current plan, reviewing these documents can help you avoid surprises in the coming year. If you don’t receive them by the end of September, contact your plan provider.
October 1: Start Exploring Your Options
Plans for the upcoming coverage year are generally available for comparison beginning October 1. This is a good time to evaluate whether your current plan still meets your needs.
Consider:
- Have your health care needs changed?
- Do your doctors still participate in your plan’s network?
- Have your prescription medications changed?
- Are your out-of-pocket costs increasing?
You can compare plans, review costs, check provider networks, and estimate prescription drug expenses using Medicare’s Plan Finder tool.
October 15: Annual Enrollment Period Begins
The Medicare Annual Enrollment Period officially begins on October 15.
Starting on this date, you can make changes to your Medicare health and prescription drug coverage for the upcoming year. Changes made during AEP generally take effect January 1.
You can enroll online through Medicare, work directly with an insurance company, call a licensed insurance agent, or request paper enrollment materials.
Late November: Don’t Wait Until the Last Minute
The weeks between Thanksgiving and the December deadline can pass quickly. Giving yourself time to compare plans, review costs, and ask questions can help reduce stress and make choosing coverage easier.
Remember that provider networks, drug formularies, and plan premiums can change from year to year, so delaying your review could limit your options.
December 7: Annual Enrollment Period Ends
December 7 is the last day, in most cases, to make Medicare Advantage and Part D coverage changes during AEP.
Any enrollment requests or plan changes must be completed by this date to take effect on January 1.
January 1: New Coverage Takes Effect
If you enrolled in a new plan or changed coverage during AEP, your new benefits begin on January 1.
If you kept your current plan, any changes outlined in your ANOC will also take effect on January 1.
Related: Navigating Medicare Enrollment: What You Need to Know for a Smooth Transition into Retirement
After January 1: Additional Opportunities to Make Changes
If you’re already enrolled in a Medicare Advantage plan, you may still have another opportunity to make changes during the Medicare Advantage Open Enrollment Period, which runs from January 1 through March 31 each year.
During this period, you can:
- Switch from one Medicare Advantage plan to another.
- Drop your Medicare Advantage plan and return to Original Medicare.
You can make only one change during this enrollment period.
You may also qualify for a Special Enrollment Period (SEP) if you experience certain life events, such as moving, losing other health coverage, or leaving your plan’s service area. SEPs allow eligible individuals to enroll in or change coverage outside of standard enrollment periods.
Final Thoughts
Spending a little time reviewing your Medicare coverage each fall can help you avoid unexpected costs, ensure your doctors and prescriptions remain covered, and potentially find a plan that’s a better fit for your needs. When AEP arrives, don’t automatically assume last year’s plan is still your best option. A yearly review can help you make a more informed decision for the year ahead.
Want more? Check out our blogs, 7 Ways to Help an Aging Parent Navigate Medicare Enrollment and Should Couples Choose the Same Medicare Plan?
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