The Medicare Annual Enrollment Period (AEP) is the time-frame when you can make changes to your Medicare Plan each year.
Here’s what you need to know:
Q: When is it?
A: The annual Medicare Open Enrollment period begins on October 15th and continues until December 7th. I can talk to you about plans and changes beginning October 1st, but no enrollments or changes can be made until October 15th. Any changes will take effect January 1.
Q: What can I change during the Open Enrollment Period?
A: You can make changes to various aspects of your coverage, including:
You can switch from Original Medicare to Medicare Advantage, or vice versa
You can switch from one Medicare Advantage plan to another, or from one Medicare Part D (prescription drug) plan to another
You can enroll in a Medicare Part D plan if you didn’t do so when you were first eligible (a late enrollment penalty may apply)
Q: Anything new this year for people in Tennessee?
A: There is movement in the Tennessee market, and we are seeing carriers improve their Medicare Advantage plans. It’s exciting to see consumers get more for their money from one year to the next - it hardly ever works that way in the insurance world!
Q: Do I have to do anything if I don’t want to make changes?
A: If you’re already enrolled and happy with your plan, you don’t need to do anything. However, please be aware that premiums can change and plans can be discontinued by the insurance companies. If your premium is changing or your plan is being discontinued and cannot be renewed, you will receive a notice from your carrier prior to open enrollment. Let me know if you have questions.
Q: What if I’m dissatisfied with the changes I make during AEP?
A: If you are enrolled in a Medicare Advantage plan and are dissatisfied with it, you can make changes during the Medicare Advantage Open Enrollment Period (MA OEP), which runs from January 1 to March 31. During this time, you can switch from one Medicare Advantage Plan to another or switch to Original Medicare with or without a Part D prescription drug plan. Only one switch can be made during OEP per year, and changes made during the Medicare Advantage Open Enrollment Period will take effect on the first day of the following.
Additionally, if you didn’t sign up for Medicare A and B when you were first eligible, you can do so during the period from January 1 to March 31, with coverage effective July 1. A late enrollment penalty may apply.
Q: May I change my Medicare supplement during AEP?
A: Medicare supplements are not limited to the same enrollment periods as Part D and Medicare Advantage plans. You can switch your supplement at any time during the year, as long as you can pass the health questions or have a guaranteed issue scenario.
Questions? Concerns?
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Let me know. I’m based in Nashville and an appointed agent for BlueCross BlueShield, Aetna, Cigna, United Health Care, Humana, Bright Health, Oscar, AmBetter, Mutual of Omaha and more.
Photo by Peter Zembol is licensed under CC BY-ND 2.0