If you’re currently enrolled in Medicare, understanding the enrollment periods are very important. Even if you’re not enrolling for the first time, there are still enrollment periods that are very beneficial to those who already have Medicare. One of these periods is the Medicare Annual Enrollment Period, which lasts from October 15 through December 7 each year.
What is the Annual Enrollment Period?
The Annual Enrollment Period (AEP) occurs during a great time of the year as it allows current Medicare beneficiaries to review their current coverage as well as take a look at any other Medicare plan options available to them.
If you decide that your current Medicare coverage does not provide you with what you need anymore, or that it will be costing you too much once the following year comes around, you can take advantage of this specific period to switch to a plan that meets your needs.
What Changes Am I Allowed to Make?
The type of changes you will be able to make during this period will ultimately depend on the current Medicare plan you have. Nonetheless, here are the basis of what changes can be made:
- You can switch from Original Medicare to a Medicare Advantage plan
- Go back to Original Medicare and drop your Medicare Advantage plan
- You can switch from one Medicare Advantage plan to another Medicare Advantage plan, with or without prescription drug coverage
- Switch, enroll in, or drop a Medicare Part D plan
- Switch to a different insurance provider
After you have reviewed your coverage and have decided to make one of the changes listed above, your new Medicare coverage will begin on January 1. If you choose to stay with your current plan and not make any changes, then you don’t have to do anything when the AEP occurs. Your plan will automatically renew at the start of the year and you’ll be good to go.
Want to Learn More About AEP? We Can Help
Our experienced agents here at Jones Insurance Group care about you and the coverage you receive. We want to make sure you have a plan that will meet your needs as much as possible and we will do everything we can to make that happen for you. All you have to do is give us a call today and we can set up a free Medicare consultation to get you started.