If you’re a Medicare beneficiary, you’ve probably heard the phrase Annual Enrollment Period, or AEP for short. But what does it really mean, and why is it so important for your health coverage?
The Medicare Annual Enrollment Period happens every year from October 15 to December 7. During this window, you can review your current Medicare coverage and make changes for the upcoming year. Any updates you make take effect on January 1 of the following year.
The Annual Enrollment Period is your yearly chance to review your healthcare plan, confirm that your coverage still meets your needs, ensure your prescriptions are included, and check that you’re not paying more than necessary.
What Can You Do During AEP?
During the Annual Enrollment Period, you have options, including:
- Switching Medicare Advantage Plans (Part C)
- Joining, changing, or dropping a Medicare drug plan (Part D)
- Returning to Original Medicare if you’re currently enrolled in a Medicare Advantage plan
- Adding Medicare Advantage if you’re on Original Medicare
Steps for a Successful AEP
The Annual Enrollment Period can feel overwhelming, but breaking it down into a few simple steps makes it much more manageable. To make the most of this important time, here are some key steps to follow:
Review Your Current Plan
The first thing to do is review your current plan. Take a close look at your benefits and out-of-pocket costs from the past year. Ask yourself if your doctors are still in-network, if your prescriptions are covered at a reasonable price, and if you’re generally satisfied with the care and service you receive. If you notice gaps or rising costs, it may be a sign that it’s time to consider a different plan.
Check the Annual Notice of Change
Next, pay attention to the Annual Notice of Change (ANOC) that your Medicare Advantage or Part D provider sends out each fall. This document outlines updates for the upcoming year, including premiums, deductibles, co-pays, and drug coverage. Even small changes can have a big impact on your healthcare and budget, so take the time to read it carefully and compare it against your needs.
Compare Your Options
Once you’ve reviewed your current plan and the ANOC, it’s time to compare your options. Medicare plans are updated each year, and what worked well for you in the past may not be the best choice for the future. Use the Medicare Plan Finder tool to explore available plans in your area or talk with a licensed insurance agent who can walk you through the details. Comparing side by side helps ensure you’re not missing out on better benefits or lower costs.
Make a List of Your Priorities
Before choosing a plan, take a moment to clarify what matters most to you. It helps to make a list of your priorities before deciding. For some people, keeping their current doctor is most important. Others may want to focus on lowering prescription drug costs or finding a plan with extra benefits like dental, vision, or wellness programs. Having your priorities clear will make it easier to identify which plan best supports your health and lifestyle.
Don’t Wait Until the Last Minute
The Annual Enrollment Period ends December 7. While that may sound far away, time can slip by quickly. Don’t wait until the last minute. Starting early gives you time to research, ask questions, and make a thoughtful choice. Waiting until the deadline may leave you rushed or even cause you to miss out on the chance to switch to a plan that’s better for you.
Make the Most of Your Annual Enrollment Period
A successful AEP comes down to preparation. The more time you take to review, compare, and prioritize, the more likely you’ll enter the new year with coverage that protects both your health and your wallet. Taking these steps can help ensure your health is set for the year ahead.
