All About AEP

AEP. If you have Medicare, you've probably heard those three letters mentioned. But what does AEP mean? And more importantly, what does it mean for you? We're going to cover everything you need to know about Medicare AEP and how you can make the most of it this year.

What is the Medicare Annual Enrollment Period (AEP)?

AEP stands for Medicare's Annual Enrollment Period. It's the time each year when you can make changes to your Original Medicare, Medicare Advantage or Part D Drug Plan coverage to better fit your needs.

When is the Medicare Annual Enrollment Period?

AEP runs from October 15th to December 7th every year. Changes made to your coverage during AEP are for the upcoming year and take effect on January 1st.

Who is eligible for the Medicare Annual Enrollment Period?

Everyone currently enrolled in at least Medicare Parts A and B (Original Medicare) can take part in AEP. Without Original Medicare, you won't be able to join a Medicare Advantage plan. You will also be ineligible to alter or add Medicare Part D prescription drug coverage if you are not enrolled in Original Medicare.

What can I do during the Medicare Annual Enrollment Period?

AEP is meant to help you adjust coverage and plan options for the upcoming year, so you have the right coverage for your needs. Some of the things you can do include:

• Enroll in a Part D prescription drug plan
• Change from one Part D plan to another
• Switch from Original Medicare to Medicare Advantage
• Change from one Medicare Advantage plan to another
• Drop your Medicare Advantage plan and go back to Original Medicare

How will I know if I should change my coverage?

If you're on a Medicare Advantage or Part D plan, in September, your insurance company sends out an Annual Notice of Change (ANOC). This important document outlines any changes to your plan that will take effect in the upcoming year. Be sure to review the ANOC carefully and check that your plan still meets your needs.

Are there any other times I can make changes to my plan?

The Open Enrollment Period (OEP) that runs from January 1st to March 31st each year is the other key time to make changes to your Medicare coverage. However, your options are more limited during OEP.

How do I make changes during the Medicare Annual Enrollment Period?

You can review plans online at the official Medicare website. However, we recommend working with a licensed insurance agent. An agent can learn about your needs, guide you through the complexities of Medicare and help you find coverage available in your area that's right for your specific needs.

AEP is one of the most important times of the year for Medicare beneficiaries. That's why it's so important to make the most of each AEP by doing a yearly coverage review with a licensed insurance agent to make sure you're getting the coverage you need and the benefits you deserve.