Medicare Annual Enrollment: 5 FAQs You Need to Know

Medicare’s Annual Enrollment Period (AEP) is just around the corner, running from October 15 to December 7 each year. This limited-time window is your opportunity to make vital changes to your Medicare coverage. We understand that AEP can feel overwhelming, but this guide will simplify the most common questions and help you take informed action. Even if you're happy with your current plan, we encourage you to read through each FAQ carefully.

What if I miss the Open Enrollment deadline?

Missing the Open Enrollment deadline can be concerning. 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. This highlights the importance of staying informed and acting promptly.

What changes can I make during Open Enrollment?

During Open Enrollment, you have the flexibility to switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or adjust your Part D prescription coverage. Understanding these options ensures you are selecting the best possible plan for your needs.

When can I learn about next year’s plans?

Information for next year’s plans becomes available in October. To get the details, call 1-800-MEDICARE or visit Medicare.gov. Being proactive about this information is key to making the most informed choices.

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

Original Medicare is managed by the government and typically paired with separate drug coverage and optional Medigap. In contrast, Medicare Advantage plans are offered by private insurers and often bundle medical and drug benefits, with some including extras like dental or vision. Understanding these distinctions can significantly impact your healthcare experience.

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

Even if you’re satisfied with your current plan, it’s wise to review your coverage annually. Premiums, provider networks, and drug formularies can change each year, so a small review can lead to big savings or improved coverage.

Understanding AEP gives you control over your healthcare decisions. Start your research early, use trusted resources like Medicare.gov, and don't hesitate to speak with a professional. Even if you're satisfied with your current arrangements, reviewing your plan could uncover better options. Remember, informed decisions today can lead to improved health and potential savings in the year ahead.