Medicare’s Annual Enrollment Period (AEP) is held annually from October 15 to December 7. You can make changes to your Medicare health and drug plans during AEP. These modifications will go into effect on January 1, 2023.
You may decide to change your plan because it no longer meets your needs or will be more expensive in the coming year. If your plan’s cost or coverage changes, you’ll be notified before the AEP begins.
It’s always recommended to go over your plan once a year and compare it to others in your area. Our insurance professionals are experienced with Medicare and can help you determine the best action plan for you during this time.
Do I Need To Make Changes During AEP?
You can review your current coverage and any proposed changes for the upcoming year during the AEP and determine if another plan would better fit your needs. Based on shifting market dynamics and your changing healthcare needs, you might discover another plan in your area that provides superior coverage at a lower cost.
Companies that provide Medicare may decide to make changes to their plans for the new year. These changes may affect the cost of your plan, what your plan covers, and which healthcare providers are included in your plan’s network. Because of this, your plan may no longer work for you, so you may want to consider changing your plan to one that suits your needs better.
However, making changes to your plan during AEP is optional. If you’ve reviewed all plans and changes to yours and you’re still happy with your plan, you can keep things the same for the new year.
What Changes Can I Make During AEP?
An annual notice of change (ANOC) form will be sent to you if the provider of your plan changes it. This outlines the adjustments made to your plan for the upcoming year. Once you’ve received this information, you can review your plan and decide what you’d like to change or keep the same.
During AEP, you can make the following changes to your plan:
- Go from Original Medicare to a Medicare Advantage Plan.
- You can return to Original Medicare if you already have a Medicare Advantage Plan.
- You can also switch from one Medicare Advantage plan to another Medicare Advantage plan, with or without drug coverage.
- Add Part D prescription drug coverage to your plan.
- Switch to a new Part D plan.
- Completely opt out of Part D.
How Do I Change Plans During AEP?
Changing your Medicare plan is a huge decision you’ll be stuck with for the next year, so you must do as much research as possible before committing to anything. If you plan on making any changes to your plan, start your research well before AEP begins and enlist a licensed professional or a Medicare specialist to help you through the process.
You can also ask yourself a few questions before speaking with a professional so that you know exactly what you need out of your plan.
- Are you currently taking prescription drugs that aren’t covered by your current plan?
- Have there been any changes to your financial situation?
- Do you qualify for savings?
In addition to any adjustments made by the providers, your own health insurance needs may also change. You’ll probably have some idea before the AEP as to whether a change is necessary or not.
Contact our Medicare professionals today if you have any further questions or need additional assistance.