Medicare health plans under Part C and Part D, like other health plans, have an annual enrollment period that you can add, change or drop your coverage. If you miss this period, unless you have a special circumstance like moving, you will have to wait until the following year.
For Medicare Advantage plans and stand-alone prescription drug plans, the annual enrollment period (AEP) is October 15th – December 7th every year.
What changes can I make during AEP?
- You can change your Medicare Advantage Plan to another Medicare Advantage plan
- You can drop your Medicare Advantage Plan and return to Original Medicare and purchase a stand-alone prescription drug plan, (and a MediGap if you qualify)
- You can change your prescription drug plan to another prescription drug plan.
- You can enroll into a stand-alone prescription drug plan
- You can drop your Part D plan
What things should I be aware when shopping for a plan in AEP?
- Budget – how much can I spend?
- Is my doctor in-network?
- If considering a MediGap – can I qualify?
- Are my prescriptions on the formulary?
- Do I travel?
With several plan choices in the marketplace, shopping and comparing plans can be overwhelming. Making the wrong choice can affect your health, so lots of people are fearful to make a change for fear of making the wrong. If you drop coverage you could face a penalty. Let Coverance Insurance Solutions help you navigate all the options. Click here for your free no-obligation review: