Medicare’s Annual Enrollment Period (AEP) happens every year from October 15 to December 7. It's the only time to make changes to your Medicare coverage. We know that AEP can feel overwhelming, so we’ve simplified the most common questions to help guide you. Even if you think your plan is perfect, read through these FAQs to ensure you're not missing out on benefits or savings.
What changes can I make during Open Enrollment?
During the AEP, you have the flexibility to switch from Original Medicare to a Medicare Advantage plan or move from one Advantage plan to another. Additionally, you can modify your Part D prescription drug coverage. This matters because it gives you the chance to find better coverage or potentially reduce costs by exploring different plans.
What’s the difference between Original Medicare and Medicare Advantage?
Original Medicare is managed by the government and typically requires separate purchases of drug coverage and optional Medigap. On the other hand, Medicare Advantage plans are offered through private insurers and usually bundle medical and drug benefits, sometimes including extras like dental or vision. Understanding these differences is crucial because choosing the right type of plan can affect your out-of-pocket costs and available benefits.
Do I need to do anything if I’m happy with my current plan?
Even if you're satisfied with your current setup, it’s wise to review your coverage. Each year, premiums, provider networks, and drug formularies can undergo changes. This review ensures that your plan still meets your needs and helps you avoid unexpected costs.
When can I learn about next year’s plans?
Starting in October, you can learn about next year’s plans by calling 1-800-MEDICARE or visiting Medicare.gov. Early information is key to making thoughtful decisions about your coverage options, allowing you to compare benefits, ensure full coverage, and explore any new benefits available.
What if I miss the Open Enrollment deadline?
If you miss the Open Enrollment deadline and don't qualify for a Special Enrollment Period due to a significant life event, you’ll need to wait until the following year’s window to make changes. Missing the deadline could mean being locked into a plan that may not serve your needs well or unexpectedly costs more.
By understanding AEP, you empower yourself to make informed healthcare decisions. Start your research early, utilize trusted resources like Medicare.gov, and consult with a professional if needed. Remember, a small review of your plan can result in significant savings or improved coverage for the coming year.