As we enter the beginning of the 2022 Medicare Annual Enrollment Period (AEP), it is crucial for all Medicare beneficiaries to know what changes they are allowed to make. However, first and foremost, you should always review your current Medicare plan first to determine if its cost and coverage will still meet your needs in the next year. If it does, you can continue with your plan and have it renew automatically. If it does not, then taking advantage of this enrollment period is going to be the best way for you to get the coverage you actually need.
What You Cannot Do During AEP
Because AEP is an enrollment period, some may mistake this as a time to enroll in Medicare for the first time. However, this is not the case. If you are not yet enrolled in Medicare, the best time to enroll will be during your Initial Enrollment Period (IEP), which starts three months before your 65th birthday and ends three months after.
To use AEP, you will need to already be enrolled in Medicare.
What You Can Do During AEP
If you are considering using AEP, you need to be aware of the changes you can make:
- You can join a Medicare Advantage plan if you’re enrolled in Original Medicare
- You can drop your Medicare Advantage plan and stay with Original Medicare
- You can switch from one Medicare Advantage plan to another, either with or without prescription drug coverage
- You can join or switch Part D plans
- You can drop your Part D plan
- You can also switch insurers
Why Should I Make Changes?
Whether or not you make changes during AEP is entirely up to you, but there are some common reasons as to why many do. Insurance companies that offer Medicare Advantage and Medicare Part D plans can make all kinds of changes that can impact your coverage, the cost of the plan, and which providers or pharmacies are considered to be “in-network.”
Ultimately, these changes can significantly impact if your plan is still a good fit for your health and budget for the following year. Fortunately, AEP gives you the opportunity to make the changes you need to ensure you are getting the best coverage possible.
To learn more about how AEP works and how it can benefit you, reach out to our team today! The Medicare experts with Toni Buffington Medicare Solutions are dedicated to providing you with all the information you need to ensure you get affordable coverage.