The Medicare Annual Enrollment Period (AEP) occurs annually from October 15 to December 7. During this time, Medicare beneficiaries can review and make changes to their Medicare Advantage (Part C) and Prescription Drug (Part D) plans. However, there is also a Medicare Advantage Open Enrollment Period (MA OEP) that runs from January 1 to March 31 each year, specifically for individuals already enrolled in a Medicare Advantage plan.
Medicare Annual Enrollment Period (October 15 – December 7)
During the AEP, all Medicare beneficiaries can:
- Switch from Original Medicare to a Medicare Advantage plan or vice versa.
- Change from one Medicare Advantage plan to another.
- Enroll in, switch, or drop a Medicare Prescription Drug (Part D) plan.
Changes made during the AEP period take effect on January 1 of the following year. It’s a crucial time to assess your healthcare needs and ensure your current plan aligns with them, especially since plan details and personal health needs can change over time.
Medicare Advantage Open Enrollment Period (January 1 – March 31)
The MA OEP is specifically for beneficiaries who are already enrolled in a Medicare Advantage plan. During this period, you can:
- Switch to a different Medicare Advantage plan.
- Disenroll from your Medicare Advantage plan and return to Original Medicare.
If you choose to return to Original Medicare during the MA OEP, you also have the option to join a Medicare Prescription Drug Plan (Part D). Changes made during the MA OEP take effect on the first day of the month following the month in which you make the change.
Key Considerations During Either Enrollment Period
- Review Plan Changes: Medicare plans can change their costs, coverage, and network providers annually. Review any notices from your current plan to understand how changes may affect you.
- Assess Personal Healthcare Needs: Consider any changes in your health, medications, or financial situation over the past year. Ensure that your plan covers your preferred healthcare providers and medications at a cost that fits your budget.
- Be Aware of Enrollment Deadlines: Missing enrollment periods can result in being locked into a plan that may not optimally suit your needs for the upcoming year. Mark your calendar with these important dates to ensure timely decisions.
By staying informed and proactive during these enrollment periods, you can make choices that best align with your healthcare needs and financial situation.
NOT YET ENROLLED IN MEDICARE?
If you are not yet enrolled in Medicare, then neither the Medicare Annual Enrollment Period nor the Medicare Advantage Open Enrollment Period apply to you.
You will have a 7-month opportunity to enroll in Medicare that surrounds the month you turn age 65. If you are older than 65 and still working, you will have a Special Election Period (SEP) that can be created anytime during the year, based upon when you lose health insurance coverage from an employer.
If you need additional help understanding the Medicare Advantage Open Enrollment Period or if you have any other questions about Medicare, please connect with one of our Member Agents. There are never any fees for their educational or enrollment services!
