3 Things you need to know for Medicare Annual Enrollment Period

What is the Medicare Annual Enrollment Period- 3 Things You Need To Know

The Medicare Annual Enrollment Period- AEP happens every year from October 15 to December 7. If you choose a plan during AEP, the new coverage will start on January 1.

What are the things people can do in AEP?

At the beginning of October 1, you can call your agent to review the plan for the upcoming year:

Beginning of October 15, There are some actions you can take depending on your situation:

You currently have Original Medicare Part A and B

• Join a Medicare Advantage plan (Part C).

• Join a Stand-alone Medicare prescription drug plan (Part D).

• You can make no changes, and your current coverage will auto-renew.

If you currently have a Medicare Advantage plan (Part C) with built-in drug coverage.

• Please review the plan and ensure all your prescriptions and doctors are in the plan.

• Switch back to the Original Medicare plan and enroll in a stand-alone prescription drug plan.

What happens after January 1? I don’t like my plan and want to switch.

From January 1 to March 31, 2024, you can make a one-time change to a different Medicare Advantage Plan or switch to Original Medicare. Any changes you make will be effective the first day of the month after the plan gets your request.

What about people who have a Medicare supplement plan (Medigap)

• Medigap plan you can change at any time in the year. But if you have a stand-alone prescription drug plan, you should review your prescriptions to determine whether it is covered in your plan and the price. AEP is the time to review and make any prescription drug plan changes.

Source: Medicare and You Handbook 2024 Page. 13

If you want a licensed insurance agent to review your health plan, please contact: