The Annual Enrollment Period (AEP) occurs annually from October 15th to December 7th. All changes made to your coverage take effect on January 1st.
But what exactly is the purpose of AEP and what changes can be made?
Purpose of AEP
The purpose of AEP is to ensure that you are receiving the coverage you need. If you are currently satisfied with your Medicare plan, you are not required to make changes. However, if you feel your plan does not meet your coverage requirements, or if changes were made to your plan that require you to change plans, then the Annual Enrollment Period is something to highly consider.
To find out if your plan will be changing, you will receive materials sent from the plan to review. These materials include the Annual Notice of Change (ANOC) and Evidence of Coverage (EOC). The ANOC is a document that consists of changes in the plan’s coverage, service area, or any particular costs that will go into effect in January of the next year. The EOC is a more comprehensive document that consists of the benefits, cost-sharing expenses, the amount your plan will pay, and how the plan will work.
If you receive these documents but do not review them, you could be potentially doing more harm than good when it comes to your Medicare coverage.
What Medicare changes can you make?
During AEP, you can make the following changes:
- Switch Medicare Advantage Plans
- Enroll in a Part D prescription drug plan or switch to a new Part D plan
- Switch from Medicare Advantage to Original Medicare, or vice versa
- Switch to a new plan while with your current insurer, or switch to a new plan with a different insurer
Need help enrolling?
If you are unsure whether the Annual Enrollment Period is right for you, then give Proinsurance Hawaii a call today! We understand how crucial it is to have the right type of coverage so you don’t have to stress about expensive medical costs.