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Medicare Annual Enrollment Period (AEP): What You Need to Know
The Medicare Annual Enrollment Period (AEP) is an important time each year for Medicare beneficiaries to review their current coverage and make changes to their Medicare health and prescription drug plans.
AEP provides an opportunity to evaluate your coverage for the upcoming year and determine whether your current plan continues to meet your healthcare and prescription drug needs.
When Is the Medicare Annual Enrollment Period?
The Medicare Annual Enrollment Period runs from October 15 through December 7 each year.
Changes made during AEP generally become effective on January 1 of the following year.
What Can You Do During AEP?
During the Annual Enrollment Period, eligible Medicare beneficiaries may:
- Enroll in a Medicare Part D prescription drug plan
- Switch from one Medicare Part D plan to another
- Review available Medicare coverage options in their area
- Make changes to their Medicare health and prescription drug coverage for the upcoming plan year
Because plan costs, provider networks, covered medications, and benefits may change from year to year, reviewing your coverage during AEP can help you understand the options available in your area.
Special Enrollment Periods (SEPs)
Examples of qualifying circumstances may include:
- Moving outside your plan’s service area
- Losing employer or union-sponsored health coverage
- Becoming eligible for Medicaid
- Qualifying for Extra Help with Medicare prescription drug costs
- Moving into or out of a qualified healthcare facility
SEP eligibility requirements vary based on individual circumstances.
Medicare Supplement (Medigap) Considerations
Many people wonder how the Annual Enrollment Period affects Medicare Supplement insurance plans. Unlike Medicare health and prescription drug plans that have annual enrollment windows, Medicare Supplement plans generally do not have a yearly enrollment period.
Depending on your circumstances, you may be able to apply for a Medicare Supplement plan at any time during the year. However, after your Medicare Supplement Open Enrollment Period ends, insurance companies may require medical underwriting unless you qualify for a guaranteed issue right or another protected enrollment situation.
Because Medicare Supplement plans help pay certain out-of-pocket costs not covered by Original Medicare, it’s important to understand your enrollment rights and options before applying.
Review Your Coverage Annually
Even if you are satisfied with your current Medicare coverage, reviewing your options each year can be beneficial. Plan premiums, deductibles, copayments, provider networks, and prescription drug formularies may change from year to year.
Taking time during the Annual Enrollment Period to review your coverage can help ensure your healthcare needs and budget remain aligned with your Medicare benefits.
Got Medicare Questions?
We hope that this information on the Annual Enrollment Period for Medicare is useful to you.
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This is an educational page only and is not affiliated with or endorsed by the U.S. government or the federal Medicare program. Plans are offered by private insurance companies, and availability and benefits may vary by location and carrier.