Most people on Medicare do not realize they have a window every year to change their coverage. If you miss it, you are locked in for another 12 months whether your plan is working for you or not.
Runs October 15 through December 7. Changes take effect January 1.
What Is AEP?
The Annual Enrollment Period runs from October 15 to December 7 every year. Any changes you make during this window take effect January 1.
During AEP you can:
- Switch from Original Medicare to Medicare Advantage or back
- Change from one Medicare Advantage plan to another
- Add, drop, or switch a Part D prescription drug plan
Why Does It Matter?
Plans change every year. Premiums go up. Networks shift. Drugs get added or removed from formularies. A plan that worked great last year might cost you more this year or no longer cover your doctors.
Most people never review their plan. They just let it auto-renew and hope for the best. That is how people end up overpaying or under-covered without ever realizing it.
Real World Example
Barbara has been on the same Medicare Advantage plan for three years. She never reviewed it during AEP. This year her plan dropped her cardiologist from the network and her copay for a specialist visit went from $10 to $45.
A 20 minute review in October could have caught that before January 1.
What You Should Do
Every October, before AEP closes, have someone review your plan. Someone who knows your situation, knows the carriers, and can actually compare your options side by side.