The Medicare Annual Enrollment Period (AEP) is the time given to you each year to decide whether you want to change your Medicare coverage. During the enrollment period, you can make changes to your Medicare plan for the following year. Changes made during this time include switching, dropping, or enrolling in new coverage.
The Medicare AEP is a great way to manage your Medicare coverage. By making changes during the Medicare AEP, you can get the best coverage for your money. The Medicare Annual Enrollment Period is an important part of the Medicare program, and it is important that you know when it is and how you can use it to your advantage.
When is the Medicare AEP?
The Medicare Annual Enrollment Period is held at the same time every year from October 15th to December 7th.
People who are enrolled in Medicare have to be careful during the AEP. They have to make sure that they are enrolled in the right plan, or they can lose their benefits. In addition, they have to keep track of the deductibles and copays that they have to pay for their health insurance. Not doing all of this could mean that they end up having to pay more than they should, or they could get stuck with no coverage at all.
Can I Sign Up For Original Medicare For The First Time During the AEP?
You cannot sign up for Original Medicare for the first time during this period. This period is meant for you to only review your current Medicare coverage and make changes if necessary. To sign up for Medicare Parts A and B, you need to either sign up during your Initial Enrollment Period (three months before and three months after the months you turn 65, for a total of 7 months) or you will have to wait until the General Enrollment Period (GEP) which lasts from January 1st to March 31st. If you miss the Initial Enrollment Period, you can be subject to late enrollment penalties.
You must already be signed up with Medicare Parts A and B to use the AEP.
I Missed the AEP. Can I Change My Medicare Coverage?
In certain circumstances, yes, you can. Suppose you already have a Medicare Advantage Plan. In that case, you can switch to another or return to Original Medicare from January 1st to March 31st. This is the Medicare Advantage Open Enrollment Period.
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Finding the right Medicare plan can be difficult. That is why at Medicare of Florida, our insurance agents specialize in familiarizing themselves with all the ins and outs of different plans. Call us today and we will help you find the right plan for you!