- October 15 : Annual Enrollment Period BEGINS – This is the first day you can enroll for 2024 coverage.
- December 7: Annual Enrollment Period ENDS – This is the last day you can enroll for 2024 coverage.
- January 1: First date coverage can START – Even if you enroll in December 2023, your new Medicare plan won’t go into effect unil Jan. 1, 2024.
Understanding Medicare Annual Enrollment Period (AEP)
The Medicare Annual Enrollment Period (AEP), also referred to as the Medicare Annual Election Period, is a specific fall enrollment period spanning from October 15 to December 7. During this time, beneficiaries have the opportunity to make changes to their existing Medicare plan coverage. It’s important to note that any modifications made during this period become effective on January 1 of the following year.
Key Differences Between AEP and OEP
The Medicare Open Enrollment Period (OEP) can signify different things depending on the context. Often, it’s used interchangeably with AEP. However, there’s also a Medicare Advantage Open Enrollment Period (MA OEP) from January 1 to March 31, limited to Medicare Advantage plans. Here are the distinctions between the two:
Medicare Advantage Open Enrollment Period (MA OEP):
- Switching to a different Medicare Advantage plan
- Dropping your Medicare Advantage plan and returning to Original Medicare
- Adding a standalone Part D plan (only applicable if you return to Original Medicare after dropping your Medicare Advantage plan)
Medicare Annual Enrollment Period (AEP):
- Changing Medicare Advantage and Cost plans
- Modifying Part D prescription drug plans
Making Changes During AEP and OEP
During AEP:
During the Medicare Annual Enrollment Period, you can:
- Drop your Medicare Advantage plan and return to Original Medicare
- Shift from Original Medicare to a Medicare Advantage plan
- Enroll in a different Medicare Advantage plan
- Choose a new Medicare Part D prescription drug plan
- Add a Part D prescription drug plan if you don’t have one
- Cancel your current Part D prescription drug plan
Note: There isn’t special flexibility to adjust your Medicare Supplement (Medigap) plan during AEP.
During OEP:
During the Medicare Advantage Open Enrollment Period, you can:
- Switch to a different Medicare Advantage plan
- Drop your Medicare Advantage plan and return to Original Medicare
- Add a standalone Part D plan (only if you dropped your Medicare Advantage plan and returned to Original Medicare)
Changing Your Medicare Plan During Open Enrollment
To switch plans during AEP, contact your new plan provider via insurance provider, local health insurance broker, or online enrollment. You’ll be automatically disenrolled from your current plan on December 31, with your new plan coverage beginning on January 1.
If you’re switching plans during the MA OEP, join your new plan via the mentioned methods. Then, contact your current plan provider to find out how to disenroll. Your new plan coverage will commence on the first day of the following month (e.g., if you enroll on February 18, your new plan starts on March 1).
Missed Medicare Open Enrollment? Here’s What You Need to Know
If you miss the opportunity during AEP or MA OEP, you’ll need to maintain your current plan for another year until the next open enrollment period. However, if you qualify for a special enrollment period, such as losing health insurance coverage from your or your spouse’s employer, you might still make changes to your Medicare coverage.
Learn more about Medicare Enrollment Periods here.
Do You Have to Re-enroll in Medicare Every Year?
No, you don’t have to re-enroll in Medicare annually, nor do you need to renew your Medicare Advantage, Supplement, or prescription drug plan unless you’re specifically notified to do so. Take action only when necessary, such as when your plan is discontinued or if there’s a reduction in your service area.
Enrolling in Medicare for the First Time
If you’re enrolling in a Medicare plan for the first time, you can do so during your Medicare Initial Enrollment Period (IEP). If your IEP coincides with the October 15 – December 7 Medicare Open Enrollment Period, you may enroll for the first time. Additionally, you might qualify for a special enrollment period at different times during the year under specific circumstances.
Remember, understanding the nuances of Medicare Open Enrollment is crucial. Stay informed, explore your options, and ensure your healthcare coverage aligns with your needs and preferences.
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