Medicare Annual Enrollment Period (AEP)

Oct 16, 2022

The Medicare Annual Enrollment Period (AEP) runs each year from October 15 through December 7. During this time period, Medicare Beneficiaries can make changes to their healthcare coverage.

Every year Medicare and carriers make changes to their health and drug plans that can affect your Medicare coverage. Premiums and benefits can fluctuate, healthcare providers and pharmacies may move networks, etc. Oftentimes, these changes result in an increase in co-pays, deductibles, and coinsurance.

Taking advantage of the Medicare AEP can help you avoid unexpected rate increases and changes in coverage, while also providing the opportunity to explore other plans that may better fit your needs.

What changes can be made during AEP?

During the annual enrollment period, you can:

Changes made during the Medicare Annual Enrollment Period will take effect in January of the following year.

Unsure where to start with reevaluating your Medicare Coverage?

Get our FREE AEP Checklist to help you successfully navigate your plan choices.

In order to make changes during Medicare Annual Enrollment, you need to already be enrolled in Medicare Parts A and B (also known as Original Medicare). You are eligible to sign up for Medicare Parts A and B over a 7-month window known as the Initial Enrollment Period (IEP):

  • 3 months before the month you turn 65
  • The month you turn 65
  • 3 months after the month you turn 65

To learn more about what Medicare Parts A and B are and what supplemental coverage options are available to you, watch this short video:

How Do I Know If My Coverage has Changed?

Each year Medicare beneficiaries enrolled in a Part D or Medicare Advantage plan receive an Annual Notice of Change Letter from their plan carrier that outlines upcoming changes to their Medicare coverage.  Insurance carriers must send this notice by September 30th each year.  It is important to review this notice so you are prepared for upcoming changes that may affect your Medicare coverage.

Common Reasons to Make Changes During AEP

There are many reasons Medicare beneficiaries may change their coverage during the Annual Enrollment Period.  Some of the most common include:

  • Not happy with upcoming changes to current coverage.
  • Monthly premium, copay, deductible, or coinsurance increases.
  • Important prescription drugs are no longer covered or have increased in cost.
  • Regular Doctor is no longer in plans network.
  • Current health needs have changed.
  • Finances have changed.

Get Help Understanding your Medicare Options During AEP

Navigating the Annual Enrollment period on your own can be confusing. Not to worry. We are knowledgeable in this area and can help guide you through your options so you can be confident and comfortable with your selection and coverage for the upcoming year.

We're Here To Serve You!

Successfully navigate your coverage options and find the best plan for your needs during AEP by leaning on a trusted advisor! Speak with a licensed independent insurance agent today!


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