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Everything you need to know about the Medicare AEP

When the time comes to enroll in Medicare, the best strategy is to learn as much as possible to be prepared. Medicare AEP, called both Medicare Annual Enrollment Period and Medicare Election Period, has specific requirements and deadlines.

The first step is to think about the coverage you need and specifically, how you’ll use the coverage.

Begin your journey by taking inventory of what healthcare services you use most today, your current health needs, any chronic illnesses or physical limitations. Are you frequently hospitalized? Are you relatively healthy and take few, if no prescription medications? These are all important considerations as you make choices.

Let’s review the key highlights that will help you feel ready to tackle your personal Medicare decisions.

Understanding the basics

Medicare consists of 4 parts that describe coverage: Part A, B, C, and D.

Think of these parts as the building blocks of basic coverage that includes hospital, outpatient and prescription drugs. Familiarize yourself with each part.

Medicare vs. Medicare Advantage

Medicare and Medicare Advantage are both plans but are administered differently. Original Medicare is a federally funded and managed program. Medicare Advantage plans are offered by private companies on the open market. Why is this important to know? Because which path you choose may change the benefits offered and your choices.

Open Enrollment vs. Annual Enrollment

Open enrollment – For anyone already enrolled in a Medicare Advantage plan

Annual enrollment – For people with Medicare, allowing coverage changes for upcoming year.

Key times to remember

October 15 - December 7

Medicare’s Annual Election Period. This is the time to make changes for the upcoming year if you have Medicare. Be sure to review any plan information. No action is needed if your coverage still fits your needs.

January 1 – March 31

This period is the Medicare Advantage Open Enrollment time frame. This period is only for members who have a Medicare Advantage plan.

Neither time periods apply to Medigap coverage which is a different type of supplemental insurance.

What can I do during Medicare AEP times?

Any of the following scenarios can happen during this time:

Change Medicare Advantage plans
Switch from a MA plan to Original Medicare or vice versa
Sign up, drop, or add a Medicare Part D drug plan

Special considerations

First-time Medicare enrollees

If you’re completely new to Medicare, you’ll need to understand other important time frames.

First time enrollees can enroll during a 7-month period:

3 months before your 65^th birth month, the month of your birthday, and 3 months after the month you turn 65.
If you miss this window, you can still enroll for Parts A and B between January 1 and March 31.

Special Medicare AEP circumstances

Special circumstances may apply to your situation. If you’ve left a job or if you’re under 65 and have end-stage kidney disease or have been receiving SSDI checks for 24 months.

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Content contained on this page is for informational purposes only and does not constitute medical advice. Consult your health care provider before beginning any new fitness or dietary plan. References provided are for informational purposes only and do not constitute endorsement of any websites or other sources. Should you have any health-related questions, you should contact your health care provider.

Sources:

What is Medicare's annual election period (AEP)? (medicareresources.org)

Medicare Annual Enrollment Period (AEP) 2023 Details - Assurance IQ

What is the Medicare Annual Election Period (AEP)? | Medicare & Medicare Advantage Info, Help and Enrollment

Medicare eligibility for those under 65 - Medicare Interactive