Medicare Annual Enrollment Period: What to Review Before October 15
If you have Medicare, there are two important dates to remember every fall:
October 15 and December 7.
Medicare's annual Open Enrollment Period, also commonly referred to as the Annual Enrollment Period (AEP), runs from October 15 through December 7.
During this period, eligible Medicare beneficiaries can make certain changes to their Medicare coverage for the upcoming year.
Changes made during this enrollment period generally become effective January 1.
Why Should You Review Your Coverage Every Year?
One common mistake is assuming that because your Medicare plan worked well this year, it will necessarily work exactly the same way next year.
Plans can make changes to their costs, benefits, prescription drug coverage, pharmacy networks, and provider networks.
That is why you should carefully review the information your plan sends you about changes for the upcoming year, including your Annual Notice of Change (ANOC) when applicable.
Prepare These Three Things Before Comparing Plans
First, make a list of your doctors and specialists.
Second, prepare an updated list of your prescription medications.
Third, think about how you actually use your healthcare coverage.
This information can provide a much better starting point than selecting a plan simply because it advertises additional benefits.
What Can You Do During Medicare Open Enrollment?
Depending on your current coverage and eligibility, Medicare Open Enrollment allows beneficiaries to make certain changes.
These may include switching from one Medicare Advantage Plan to another, changing prescription drug coverage, or changing between Original Medicare and Medicare Advantage.
Every situation is different, so it is important to understand the potential consequences before making a change.
Don't Wait Until December 7
December 7 is the deadline — not necessarily the best day to start reviewing your options.
Preparing your information in advance gives you more time to understand and compare the choices available to you.
Need Help Understanding Your Medicare Options?
At IV Vierma, we provide bilingual service to help Medicare beneficiaries understand their available options.
Not affiliated with or endorsed by the U.S. government or the federal Medicare program. Plan availability, eligibility, costs, and benefits vary.
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