Medicare AEP: 5 Essential FAQs for Your Coverage

Remember, Medicare’s Annual Enrollment Period (AEP) runs from October 15 to December 7. It’s important to act during this limited-time opportunity to alter your Medicare coverage. We understand that AEP can feel overwhelming, but don't worry—this blog will break down five key FAQs, empowering you to make informed decisions. Be sure to go through each FAQ, even if you believe your current plan is ideal. Here's what you need to know:

What changes can I make during Open Enrollment?

During the AEP, you have the opportunity to switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or adjust your Part D prescription coverage. This is a crucial time to review your options and ensure you have the best plan suited for your current needs.

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

Original Medicare is a government-managed program typically coupled with separate drug coverage and optional Medigap coverage. On the other hand, Medicare Advantage plans are offered by private insurers and often include bundled medical and drug benefits, along with additional perks such as dental or vision coverage. Understanding these differences is vital to choosing a plan that best fits your healthcare needs.

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

Even if you’re content with your current plan, it's wise to review your coverage annually. Variables like premiums, provider networks, and drug formularies are subject to change each year. A quick review could prevent unforeseen issues and potentially save you money.

When can I learn about next year’s plans?

Information about next year’s plans becomes available starting in October. You can stay informed by calling 1-800-MEDICARE or visiting Medicare.gov. Early research empowers you to make prompt decisions during the enrollment period.

What if I miss the Open Enrollment deadline?

If you miss the deadline, you’ll generally have to wait until the next year’s AEP to make changes—unless you qualify for a Special Enrollment Period due to major life events, such as moving or losing other insurance coverage. Planning ahead helps you avoid any lapse in coverage.

Understanding the AEP gives you control over your healthcare decisions. Start your research early, utilize resources such as Medicare.gov, and consult with a professional when necessary. Even a small review of your plan might lead to significant savings or improved coverage in the year to come.