Top 3 Things To Know About The Annual Enrollment Period

The Medicare Annual Enrollment Period (AEP) takes place from October 15th to December 7th. There are many things you need to know to make the most of this period, so here are three things you need to get started.

#1: You Cannot Enroll in Medicare for the First Time During the AEP

The AEP is a fantastic opportunity to refresh your current coverage for something that best suits your needs. However, it is not the time to enroll in Medicare for the very first time.

If you are eligible for Medicare but not yet enrolled, you cannot participate in the AEP. Why? It is dedicated to making changes to your current, existing coverage, not signing up. So, when can you enroll?

The best time to sign up for Medicare is when you turn 65 during your Initial Enrollment Period (IEP). This 7-month window surrounds your 65th birthday and lets you get Medicare coverage for the first time.

If you missed your IEP and are now ready to enroll for the first time, instead of the AEP, you can do so during the General Enrollment Period (GEP), which takes place from January 1st through March 31st every year.

#2: What Changes You Can Make and if You Want to Make Them

So, if the Annual Enrollment Period (AEP) is meant for making changes to your existing coverage, what changes can you make? If you have Original Medicare, you can enroll in a Medicare Advantage plan or add on a Part D plan. If you have a Medicare Advantage plan, you can also switch back to Original Medicare.

You can also change the Medicare Advantage plan you currently have to a different one. Coverage and costs will look completely different from one provider to the next, and the AEP is the perfect time to grab hold of better options that are more well-suited to your needs.

You can also do the same with a Part D plan. If you feel that you are paying too much for prescriptions you don’t use, you can easily find a plan that provides the coverage you want at a cost that works best for you. 

Whatever your situation, it is important to know your options and consider if it’s time to make a change.

#3: Who to Call for Help

Of course, these tips are not very helpful if you don’t have a way to act upon them. One person cannot effectively search their entire local insurance options and hold them up against their current coverage. In fact, many people aren’t even fully aware of their current coverage, let alone if there are better options.

However, if you have a trustworthy insurance agency in your back pocket, you can call and ask them to compare your plan with other plan options available to you. That’s where our dedicated team comes in! 

The Medicare Sharks want to give their time and skills to people like you who want to get the most out of their coverage. To learn more, call us today at 561-225-3022 or 561-225-3633.