What is the Medicare Annual Enrollment Period?

The Medicare Annual Enrollment Period (AEP) is a specific time frame during which Medicare beneficiaries can make changes to their existing coverage. It typically occurs from October 15th to December 7th each year. During this period, individuals have the opportunity to switch from Original Medicare to a Medicare Advantage plan or vice versa. They can also join, switch, or drop a Medicare Part D prescription drug plan. The AEP allows beneficiaries to evaluate their healthcare needs and make changes to their coverage accordingly. It offers a chance to review current plans, analyze costs, compare benefits, and choose the one that best suits their requirements for the upcoming year. Any changes made during this period take effect on January 1st of the following year. However, it's important to note that the AEP is not applicable for everyone. Special Enrollment Periods may exist for those who experience certain qualifying events, such as moving or losing other coverage.