Medicare AEP: 5 Key FAQs You Need to Know

What changes can I make during Open Enrollment?

The Annual Enrollment Period (AEP) is your opportunity to make crucial changes to your Medicare coverage. During this limited-time window, you can switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. Understanding the changes you can make is vital because it empowers you to optimize your healthcare coverage for the coming year.

What’s the difference between Original Medicare and Medicare Advantage?

It’s important to differentiate between Original Medicare and Medicare Advantage, as each offers unique benefits. Original Medicare is managed by the government and typically paired with separate drug coverage, along with optional Medigap. In contrast, Medicare Advantage plans are offered by private insurers and often bundle medical and drug benefits. Some Advantage plans even include extras like dental or vision. Knowing these differences helps you choose the plan that suits your needs best.

Do I need to do anything if I’m happy with my current plan?

Even if you’re content with your current plan, reviewing your coverage during the AEP is wise. Yearly changes in premiums, provider networks, and drug formularies can impact your plan’s effectiveness. By taking a moment to double-check, you ensure you aren’t caught off guard by unforeseen changes.

When can I learn about next year’s plans?

It’s never too early to start gathering information for next year’s Medicare plans. Details become available in October, allowing you ample time to review and prepare for decisions during the AEP. To learn more, call 1-800-MEDICARE or visit Medicare.gov. This early research ensures you make informed choices when the time comes.

What if I miss the Open Enrollment deadline?

Missing the AEP deadline can have significant consequences. Unless you qualify for a Special Enrollment Period due to a major life event, you'll need to wait until next year’s window to make changes. Being aware of deadlines ensures you won’t face a year without the best possible coverage.

Understanding the Annual Enrollment Period gives you control over your healthcare decisions, helping you navigate Medicare with confidence. Start researching early, use trusted resources, and consult with a professional if needed. Remember, even a small plan review can lead to significant savings or better coverage in the year ahead.