If you currently have Medicare, you can change your coverage choice once a year during the Medicare Open Enrollment Period (OEP). The OEP starts on October 15 and ends on December 7 every year. The Medicare Open Enrollment Period is also known as the Annual Enrollment Period (AEP). You will often see both of these terms can used interchangeably.
We recommend assessing your current coverage in the weeks leading up to the AEP. This will ensure you are ready to take action if you need to change coverage for the coming year. Most people analyze their Medicare Part D Prescription Drugs plan at this time because insurance companies often change their plans from year to year. Please visit our Part D Information Section to find out more about how to analyze your Medicare Prescription Drug choices for the coming year.
Here’s what you can do during the Annual Enrollment Period:
- Change from Original Medicare to a Medicare Advantage plan.
- Change from a Medicare Advantage plan back to Original Medicare.
- Switch from one Medicare Advantage plan to a different Medicare Advantage plan.
- Switch from a Medicare Advantage plan that doesn’t offer drug coverage to one that does.
- Switch from a Medicare Advantage plan that offers drug coverage to one that doesn’t.
- Join a Medicare prescription drug plan (late enrollment penalties may apply if you did not have “credible” coverage prior to joining)
- Switch from one Medicare prescription drug plan to a different Medicare prescription drug plan.
- Drop your Medicare prescription drug coverage completely