What is the Medicare Annual Election Period?

The Medicare Annual Election Period (AEP) - it's like open enrollment for Medicare!

Every year, from October 15 to December 7, Medicare beneficiaries get to review, change, or stick with their current coverage. If you are happy with your plan, you can do nothing during this time.

What can you do during AEP?

1. Switch Medicare Advantage plans: If you're not loving your current plan, you can switch to a new one.
2. Change from Original Medicare to Medicare Advantage: Or vice versa - if you want to switch from Medicare Advantage back to Original Medicare.
3. Join, switch, or drop Medicare Part D (prescription drug coverage): Review your medication needs and adjust your coverage.
4. Enroll in a Medicare Supplement Insurance (Medigap) plan: If you're switching to Medicare Advantage, you might want Medigap to fill gaps in coverage.

Why should you review your coverage?

1. Changes in your health: Your medication needs or health status might have changed.
2. Changes in plan coverage: Insurers can modify benefits, costs, or provider networks.
3. New plans available: New plans might offer better coverage or lower costs.

Tips for navigating AEP:

1. Review your Annual Notice of Change (ANOC) letter: Your insurer will send this outlining changes to your plan.
2. Compare plans: If you would like to review your plan options for next year, schedule an appointment with your agent Jesse Bannister.
3. Don't procrastinate! Changes take effect January 1, so make decisions before December 7.

That's AEP in a nutshell! If you would like to review your plan schedule an appointment with your agent Jesse Bannister.