The Annual Election Period, or AEP, is the period of time in which you can change your Medicare health or prescription drug plan. AEP runs from October 15th to December 7th of every year, and as long as the plan receives your enrollment request by December 7th, your new coverage will start on January 1st of the following year. What does this mean for you?
This means that if you currently have Original Medicare (Medicare Part A and B) you can:
- Switch to a Medicare Advantage plan with prescription drug coverage.
- Switch to a Medicare Advantage Plan without prescription drug coverage.
- Join a Medicare Prescription drug Plan if you do not currently have one.
- Join a Medicare Prescription Drug Plan if you do not currently have one.
- Switch from one Medicare Prescription Drug Plan to a different Prescription Drug Plan
- Or you may choose to stay with your current plan. However, it is always best to take this opportunity to do some homework and check into other plan options. You may find that your current plan is lacking something you need that another plan has coverage for.
Or if you have a Medicare Advantage Plan you can:
- Switch back to Original Medicare
- Switch from one Medicare Advantage Plan to another Medicare Advantage Plan
- Switch from a Medicare Advantage Plan that doesn’t have prescription drug coverage to a Medicare Advantage Plan that does have prescription drug coverage.
- Switch from a Medicare Advantage Plan that does have prescription drug coverage to a Medicare Advantage Plan that doesn’t have prescription drug coverage.
- Or you may choose to keep your current plan. Again, it is strongly suggested that you check into other plan options during this time period.
You will want to keep in mind some things that we find to be vitally important when it comes to choosing and considering plans.
Give one of our trusted experts a call! We can help you find the plan that is best for your finances, gives you the coverage you need and desire, and that is of good quality and with the convenience you desire from your health care.