As with most healthcare policies, Medicare plans have an Annual Enrollment Period. During this window, Medicare beneficiaries get a chance to review their medical coverage and make changes as they see fit. Medicare has one big Annual Enrollment Period from October 15 to December 7 every year.
We know that these enrollment terms and letters can be confusing. Let KBI Solutions be your guide.
How Is AEP Different From Your IEP?
Your initial Medicare enrollment period (IEP) occurs when you turn 65 years old or qualify for Medicare through a disability or certain diseases. However, that is not the only option available to you to choose your health insurance. Medicare’s Annual Enrollment Period can be used to make changes to your policy.
About Medicare’s AEP
Medicare Annual Enrollment Period (AEP), also called the annual election period, allows Medicare beneficiaries have to evaluate the healthcare plan they have, take a look at the plans that are available on the market, and revise their health coverage for the coming year. In other words, you can make multiple plan changes during AEP and the last one you make is the one you’re stuck with.
Medicare’s AEP is for recipients who already have Medicare Parts A and B or Medicare Advantage.
Any changes you make during AEP will take effect on January 1 of the next year.
Your Options During AEP
During this period, the following can happen:
- Medicare beneficiaries with Original Medicare can switch to a Medicare Advantage plan.
- Those that enroll in Original Medicare can drop or join the Medicare Part D prescription drug plan.
- Medicare beneficiaries that enroll in a Medicare Advantage (MA) plan can switch to a new MA plan.
- Those with a Medicare Part D plan can switch to a new Medicare Part D plan.
- Beneficiaries with Medicare Advantage plans can drop the plan and switch back to just Medicare Part A and Part B.
What You Can’t Do During Medicare’s AEP
AEP has its limits. For example, this period cannot be used to sign up for Original Medicare — for the first time — or enroll in Medicare Part B, even if you already signed up for Medicare Part A. You need to enroll in Original Medicare during your Initial Enrollment Period (IEP).
If you miss your IEP, you can enroll during Medicare’s General Enrollment Period (GEP), which is from January 1 to March 31. Your coverage will take effect on July 1. You can also make ONE plan change (to a similar product) during the GEP. This GEP may also be called OEP (Open Enrollment Period). If you have questions, please call (254) 918-5444
Get Trusted Medicare Advice
There are a lot of things you need to consider when it comes to selecting a Medicare plan; luckily, you don’t have to do it alone. For help understanding your Medicare options, contact Kannonball Insurance for assistance. Our experienced Medicare agents can help you choose a plan that meets your needs.