Medicare Annual Enrollment: 5 FAQs Answered

Medicare’s Annual Enrollment Period (AEP) happens each year from October 15 to December 7, offering a limited-time opportunity to make changes to your Medicare coverage. Although AEP might seem overwhelming, this guide will simplify common questions, empowering you to make informed decisions. Even if you believe your plan meets your needs, take a moment to read through each FAQ; it could prove beneficial.

What if I miss the Open Enrollment deadline?

Missing the deadline means you'll generally have to stick with your current plan for another year unless you qualify for a Special Enrollment Period due to a major life event. This deadline makes early research imperative.

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

Happy with your plan? It's still wise to review your coverage annually. Factors like premiums, provider networks, and drug formularies can change, impacting your coverage and costs.

When can I learn about next year’s plans?

Starting in October, you can gather information about plans for the upcoming year. Visit Medicare.gov or call 1-800-MEDICARE to get the latest details and ensure you're prepared to make an informed choice.

What changes can I make during Open Enrollment?

During Open Enrollment, you can switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or tweak your Part D prescription drug coverage. Flexibility allows you to adapt your plan to your changing needs.

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

Original Medicare is managed by the government and usually requires separate drug coverage and optional Medigap. In contrast, Medicare Advantage plans come from private insurers, often bundling medical and drug benefits with extras like dental or vision care. Understanding these options ensures you choose the best coverage for your needs.

Understanding the AEP gives you control over your healthcare decisions. Start researching early, utilize trusted resources like Medicare.gov, and consult a professional if needed. A simple review of your plan might lead to significant savings or better coverage for the coming year.