3 Things to Know About The Annual Election Period

When applying for or making changes to your Medicare coverage during the Annual Election Period, there are three things you need to know.

1. Know When The Annual Election Period Takes Place

The Annual Election Period takes place every year from October 15th to December 7th. This is first and foremost the most important thing you need to know. When you apply within this window, whatever coverage you added, canceled, or generally changed will be effective starting January 1st of the following year. 

Be sure to confirm with your insurance provider how your rates will change with the new changes in place. This way, you can be fully prepared for what comes next.

2. Know How to Review Your Current Coverage

Before the Annual Election Period takes place, however, you have to know what coverage you’re changing. So, one of the top things you should know about the Annual Enrollment Period is simply how your current plan stacks up to your prospective changes.

If you are covered by Original Medicare alone, be sure to check for and review any cost or coverage alterations for the following year. If you are dissatisfied with these changes and decide you no longer want Original Medicare, you may disenroll.

With an Advantage and/or Part D plan, you must review the Annual Notice of Change (ANOC) and/or Evidence of Coverage (EOC) you receive prior to the Annual Election Period (AEP). This way, you are aware of any changes in your current plan, and can compare it to other available options that you may sign up for during the AEP.

3. Know What Changes You Can Make

You also should know what changes you can make during the Annual Election Period (AEP). During the AEP, you may switch from:

• Medicare Advantage to Original Medicare and vice versa.
• One Medicare Advantage plan to another.
• A Medicare Advantage plan without prescription drug coverage to a Medicare Advantage with a Prescription Drug plan, and vice versa.
• One Prescription Drug plan to another.
• A completely new plan with a different provider.

Considering Making Changes During AEP?

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