Medicare AEP: 5 Key FAQs Answered for You

Medicare’s Annual Enrollment Period: Simplified

Medicare’s Annual Enrollment Period (AEP) runs every year from October 15 to December 7. During this time, you have a limited opportunity to make changes to your Medicare coverage. The AEP can be confusing, but this blog will answer the most common questions, empowering you to make informed decisions. Even if you feel your plan is satisfactory, reading through these FAQs might prove beneficial.

What changes can I make during Open Enrollment?

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. This matters because adjusting your plan could optimize your healthcare benefits and reduce out-of-pocket costs.

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

Original Medicare is government-managed and typically paired with separate drug coverage and optional Medigap. Medicare Advantage plans are offered by private insurers and often bundle medical and drug benefits, with some including extras like dental or vision. Knowing the difference helps you decide which plan suits your needs better and may offer you additional benefits.

When can I learn about next year's plans?

Information for next year’s plans is available beginning in October. Call 1-800-MEDICARE or visit Medicare.gov for details. This is crucial because staying updated with upcoming plans allows you to make timely and informed decisions.

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

Even if you’re satisfied, it may be a good idea to review your coverage. Premiums, provider networks, and drug formularies can change each year. This review could reveal opportunities for savings or better service, so it's worth considering.

What if I miss the Open Enrollment deadline?

Unless you qualify for a Special Enrollment Period due to a major life event, you’ll need to wait until next year’s window to make changes. Missing the deadline could mean sticking with a less-than-ideal plan for another year, so it's important to act timely.

Understanding AEP gives you control over your healthcare decisions. Start researching early, use trusted resources like Medicare.gov, and consult with a professional if needed. Even a small review of your plan can lead to significant savings or better coverage in the year ahead.