The Medicare Annual Enrollment Period is an important window of opportunity.
If you’re currently enrolled in either a Medicare Advantage or Part D drug plan; you’ll be able to make necessary changes to get the benefits you need at the costs you can afford.
Here’s what you can expect from the Annual Enrollment Period:
• You can switch from Original Medicare to Medicare Advantage, or from Medicare Advantage back to Original Medicare
• You can enroll in, change, or cancel your current Medicare Part D prescription drug plan
Medicare beneficiaries can take advantage of the Medicare Annual Enrollment Period between October 15th and December 7th each year.
Switching Between Original Medicare and Medicare Advantage
If you have a Medicare Advantage plan and would like to go back to Original Medicare, you can do that during the AEP. Likewise, if you have Original Medicare but want to switch to Medicare Advantage, you can do that during this window of opportunity, too. If you switch back to Original Medicare you can then enroll in a Medicare Supplement plan at any time.
Change Your Prescription Drug Plan
Your drug plan's formulary (the drugs which you can purchase at a subsidized discount) and the prices you pay are likely to change on an annual basis. If you have Original Medicare and notice inconvenient changes to your Medicare Part D prescription drug plan, you can shop around and choose a different plan. You can do the same if you have Medicare Advantage and a separate prescription drug plan.
Here's Why You Should Review Your Healthcare Coverage Before Each Annual Enrollment Period
- Changes in Medical Costs
- Changes in Medication and Provider Access
- Benefits, Ratings, and Travel
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