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.
During this period, you may also change your Medicare Advantage plan to another Medicare Advantage for a January 1st effective date.
What can I do during this period?
- Change from Original Medicare to a Medicare Advantage plan
- Change from a Medicare Advantage plan back to Original Medicare
- Change from one Medicare Advantage plan to another
- Join a Medicare Advantage plan
- Join a Medicare drug plan
- Change from one Medicare drug plan to another
- Terminate your Medicare drug coverage
Will my current plan change the following year?
Yes. 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 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 this date, you will have to wait until the next period the following year.
When will my new plan be effective?
If you change your plan during this period, your new plan will be effective on January 1st of the upcoming year.