During the Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7 every year, you have a limited-time opportunity to make critical changes to your Medicare coverage. 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. This flexibility can help you align your healthcare needs with the best available options.
What’s the difference between Original Medicare and Medicare Advantage?
Original Medicare is government-managed and is typically paired with separate drug coverage and optional Medigap. In contrast, Medicare Advantage plans are offered by private insurers and often bundle medical and drug benefits, with some even including extras like dental or vision. Understanding these differences empowers you to choose a plan that fits your lifestyle and healthcare needs best.
Do I need to do anything if I’m happy with my current plan?
Even if you’re satisfied with your current plan, it's wise to review your coverage. Premiums, provider networks, and drug formularies can change each year. Being proactive allows you to ensure that your plan continues to meet your needs without unwelcome surprises.
When can I learn about next year’s plans?
Details for next year’s Medicare plans become available in October. To make an informed decision, gather this information early by calling 1-800-MEDICARE or visiting Medicare.gov. Exploring these options in advance will help you make any necessary adjustments to your plan ahead of time.
What if I miss the Open Enrollment deadline?
If you miss the Open Enrollment deadline, you generally cannot make changes until the next year’s window unless you qualify for a Special Enrollment Period due to a major life event, such as moving or losing other insurance coverage. Knowing the implications of missing the deadline can help you avoid unnecessary gaps in your healthcare coverage.
Take this opportunity to thoroughly understand AEP, giving you more control over your healthcare decisions. Start your research early, use trusted resources like Medicare.gov, and consult with a professional if needed. Even if you feel your plan works fine, a small review can lead to big savings or better coverage in the year ahead.
