Medicare AEP: 5 Crucial FAQs You Need to Know

Medicare’s Annual Enrollment Period (AEP) is right around the corner, taking place every year from October 15 to December 7. This is a limited-time opportunity for you to make changes to your Medicare coverage, and while AEP can feel overwhelming, we've simplified the most common questions to empower you to make informed decisions. Read each FAQ carefully, even if you think your plan is working just fine. Let's dive into the essentials.

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. On the other hand, Medicare Advantage plans are offered by private insurers and often bundle medical and drug benefits, with some including extras like dental or vision. Understanding the differences can help you decide which coverage better suits your needs.

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

Even if you’re satisfied, it may be a good idea to review your coverage. Premiums, provider networks, and drug formularies can change each year. Ensuring your current plan still fits your needs can prevent unexpected costs or coverage gaps.

What changes can I make during Open Enrollment?

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. Being aware of what changes you can make allows you to tailor your healthcare to better fit your evolving needs.

What if I miss the Open Enrollment deadline?

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. Understanding these timeframes helps you avoid penalties or being stuck in a plan that doesn’t serve your best interests.

When can I learn about next year’s plans?

Information for next year’s plans is available beginning in October. Call 1-800-MEDICARE or visit Medicare.gov. Starting your research early ensures you're making informed choices based on the latest offerings.

Understanding AEP gives you control over your healthcare decisions. Begin researching early, utilize trusted resources like Medicare.gov, and consult a professional if needed. Remember, even a small review of your plan can lead to big savings or improved coverage in the upcoming year.