It’s that time again! The Medicare Annual Enrollment Period (AEP) is rapidly approaching. You may have heard about the AEP, but what is it exactly? Read on to learn about the AEP and how it could affect your Medicare benefits!
- What is the Medicare Annual Enrollment Period, and When is the AEP for 2022?
The Annual Enrollment Period is a time when Medicare beneficiaries can examine their current Medicare coverage and make changes to their existing coverage if needed. It also gives individuals time to purchase new Medicare coverage. The Annual Enrollment Period (AEP) begins on October 15th, 2021, and ends on December 7th, 2021.
- What kind of changes can I make during the Medicare AEP?
The AEP allows for coverage changes that are no longer relevant to a beneficiary or the addition of supplemental plans for additional coverage.
For example, Medicare beneficiaries can drop a Medicare Advantage plan and return to Original Medicare if they prefer. Beneficiaries can change from one type of Medicare Advantage plan to another plan that better suits their needs. Beneficiaries can also change from one Part D prescription plan to another, cancel a Part D plan, or add a Part D plan if the beneficiary does not already have one, and much more.
- When would my new coverage begin?
New policies or changes made to an existing policy during AEP will go into effect on January 1st, 2022.
- What happens if I miss the AEP?
Individuals who miss the Annual Enrollment Period may qualify for the Special Enrollment Period (SEP) that takes place outside of the AEP timeframe. However, it is important to know that the SEP is reserved for individuals with certain extenuating circumstances and life events that may not apply to one’s current situation.
For example, some qualifying life events include moving outside of your current plan’s service area, leaving an employer’s coverage, moving back to the U.S. after living outside of the country, and many more. If you’ve missed the AEP or have a significant life change and need to make changes to your existing plan, you may qualify for the SEP! Contact us today for more information.
- What kind of changes should I make to my existing plan?
Whether you’re buying into a new plan or making changes to an existing plan, making your way through all of the options can be overwhelming. But, there’s no need to make these decisions alone!
Need help? Call (844) 544-0689 to speak to a licensed agent today!