What Should I Know About The Medicare Annual Enrollment Period
- Creekside Insurance Advisors Inc.
- Jan 2, 2023
- 2 min read
(October 15 - December 7, 2022)
The Medicare Annual Enrollment Period (AEP) runs from Oct. 15 to Dec. 7 each year. During this time, you may make changes to your Part D plan, Medicare Advantage Plan or switch to a new plan altogether. You may also disenroll from a Medicare Advantage Plan and move back into Original Medicare and select a Medicare Supplement plan (underwriting may apply).
Do I Have To Change My Medicare Supplement Plan During The Medicare Annual Enrollment Period? You can change Medicare supplement plans at ANY TIME OF THE YEAR – but most likely you will have to pass medical underwriting to do so. This is a very common misconception because people get confused about the Annual Election Period that Medicare holds each fall. During this time, you can freely change your Medicare Part D drug plan and/or your Medicare Advantage plan. This period DOES NOT, however, apply to Medicare supplements.
What If I DON'T Want To Change My Part D ( Prescription Drug Plan)? Soon you will be receiving your Annual Notice of Change letter from your current Part D Plan. Please review immediately. First, compare your premium in 2022 to your new premium for 2023. Next, review the plan formulary to see if your current prescriptions are covered and determine the related copayment amounts. If, after a careful review, you are satisfied with the changes, you can keep your plan. You simply do nothing and your current coverage choices stay in place for another year.
What if I DON'T want to change my Part D (Prescription Drug Plan)?
Soon you will be receiving your Annual Notice of Change letter from your current Part D Plan. Please review immediately. First, compare your premium in 2022 to your new premium for 2023. Next, review the plan formulary to see if your current prescriptions are covered and determine the related copayment amounts.
If, after a careful review, you are satisfied with the changes, you can keep your plan. You simply do nothing and your current coverage choices stay in place for another year.
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