Medicare Annual Enrollment Period
The Medicare Annual Enrollment Period (AEP) is often referred to as Medicare’s Fall Open Enrollment and that is because it occurs October 15 to December 7 each year.
This Medicare enrollment period is designed to allow people with Medicare to change their coverage. Common changes include:
● Switch from Original Medicare to a Medicare Advantage plan or from a Medicare Advantage plan to Original Medicare.
● Joining or changing a Medicare Advantage plan
● Joining or changing a Medicare Part D prescription drug plan
Changes made during the Annual Enrollment Period take effect on January 1 of the following year.
The Medicare Advantage Open Enrollment Period is every year from January 1 to March 31. During this time, anyone with a Medicare Advantage plan can make a one-time change to their coverage. This is extremely helpful if you were unable to modify your healthcare plans during the Annual Enrollment Period. Furthermore, if you are dissatisfied with your new Medicare Advantage plan coverage, this is the time to switch.
You can even return to Original Medicare during the Medicare Advantage Open Enrollment Period if you would like, but keep in mind that this enrollment period is only for people already on Medicare Advantage.
If you are already receiving Social Security benefits, then you have been or will be auto-enrolled in Medicare Parts A and B upon the first day of your 65th birthday month. You will receive your red, white and blue Medicare card in the mail 3 months before your 65th birthday. It is also possible to qualify for Medicare before you are 65 if you have Social Security Disability or a qualifying medical condition. If you are not automatically enrolled in Medicare, you may need to contact your local Social Security office or visit the Social Security Administration website to sign up.
The initial enrollment period (IEP) is when you first sign up for Original Medicare. This period spans 7 months, starting 3 months before your 65th birthday and 3 months after. Your IEP is also a great time to look at other coverage options like Medicare Advantage and Medicare Supplemental Insurance.