Annual Enrollment Period (AEP)

The Annual Enrollment Period (AEP) is also referred to as the Open Enrollment Period or Annual Election Period.

AEP is the preferred term on this platform to prevent confusion with the Medicare Advantage Open Enrollment Period (OEP).

AEP is from October 15th – December 7th every year.

This is an important period for current Medicare beneficiaries!

Why is this period important?

This period is important to current Medicare beneficiaries because it may be your only opportunity to review and change your Prescription Drug Plan (Part D) for the following year.

What plans can I change during this period?

You may:

Will my current plan have changes for the upcoming year?

Your current plan may have specific changes for the upcoming year.

The plan is required to notify you of the changes by October 1st.

Some of the changes could be monthly premium, deductible, drug formulary, preferred and standard pharmacies, etc.

What if I miss the deadline of December 7th?

If you wanted to change your Medicare drug plan and you miss the deadline of December 7th, you will have to wait until the next annual enrollment period (Oct 15th – December 7th) of the following year to make a plan change.

If you wanted to change your Medicare Advantage plan to another Medicare Advantage plan and you missed the annual enrollment period (AEP), you will have another opportunity during the MA OEP, which is from January 1st – March 31st.

When does a newly enrolled plan become effective?

If you changed your stand-alone drug plan (Part D) or Medicare Advantage plan during this annual enrollment period (AEP), your new plan will be effective on January 1st of the upcoming year.

How do I review my plan?

There are several ways to review your plan.

 

Need a plan review?

Which plan would you like reviewed?

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