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What is the Medicare Annual Enrollment Period?

Medicare Annual Enrollment

Are you looking for a way to save money on your health care? If you are over the age of 65, then you may be eligible for Medicare. At the same time, you can only enroll in new plants during certain times of the year. This is called the Medicare Annual Enrollment Period, usually abbreviated Medicare AEP. Even though you do not necessarily have changes to make during the Medicare AEP, it is still a good idea to evaluate your choices from time to time to see if you need to make changes to your insurance coverage. As you get older, your health needs may change. The best time of year to address these changes is during the Medicare AEP. So, what do you need to know about the annual enrollment timeframe?

When Is the Medicare Annual Enrollment Period?

The Medicare Annual Enrollment Period usually takes place between October 15th and December 7th. This is a designated time of year during which you can make changes to your health insurance coverage. You have several weeks to decide what changes you want to make, and any coverage changes you make during this time will go into effect on January 1. For example, this is a good opportunity for you to meet with your doctor to see if your health needs change. That way, you can adjust your insurance coverage to help you save as much money as possible without sacrificing the quality of your health coverage.

What Changes Can I Make to My Health Coverage During This Time?

There are several changes you can make during the Medicare AEP; however, the changes you make vary depending on your health needs. There are several common situations that you may find yourself working through.

You Only Have Medicare A & B (Original Medicare)

If you currently have Medicare Part A and Medicare Part B, you can use the annual enrollment time frame to join a Medicare Advantage plan, also known as Part C. You have a choice regarding whether you want to have built-in drug coverage or want to forgo this coverage. If you do not have other drug coverage included in your health plan, you could face a penalty.

You also have the option to join Medicare Part D, which is a standalone prescription drug plan. If you do not have other drug coverage, you may have to pay a penalty for this as well.

If you are happy with your coverage, you also have the option to renew your original Medicare coverage without making any changes.

You Have Original Medicare (A & B) and Medicare Prescription Drug Coverage (Part D)

If you currently have Medicare Part A, Medicare Part B, and Medicare Part D, you have the option to join a Medicare Part C (Advantage) plan. You can choose to get this plan with drug coverage or without it. You also have the option to switch between Medicare prescription drug plans if you already have one. If you decide that you no longer need Medicare prescription drug coverage, you can also decide to drop that from your plan.

Of course, you still have the option to renew your current Medicare coverage without making any changes if you are happy with your health insurance plan.

You Have Medicare Part C with Drug Coverage Only

Another possibility is that you have Medicare Part C with drug coverage only. If that is the case, you have several options available. You can switch from one Medicare Advantage plan to another Medicare Advantage plan if you feel like that would be better for you. You also have the option to drop your Medicare Advantage plan and go back to your original Medicare coverage. You also have the option to keep your Medicare Advantage plan and add original Medicare coverage if you decide to switch to a Medicare Advantage plan that does not have prescription drug coverage.

As always, you also have the option to renew your current Medicare coverage without making any changes.

Work With the Sosa Insurance Group To Evaluate Your Options

Clearly, you have a lot of choices available if you are trying to find the right Medicare coverage to meet your needs. That is why you need to work with an experienced insurance broker who can help you find the right plan for you. If you are looking for an insurance broker near me, then work with the Sosa Insurance Group. You deserve to have someone who can help you evaluate the benefits and drawbacks of each option. That way, you have the coverage you need without paying for something you will not use. If you would like to learn more about your Medicare coverage options, reach out to an experienced insurance broker with the Sosa Insurance Group today!