Every fall, Medicare beneficiaries get a window to change their coverage, and most people ignore it. That is a costly habit. Plans change their costs, drug lists, and networks every year, so the plan that was perfect last year may be the wrong plan now.
When it happens
The Medicare Annual Election Period (AEP) runs October 15 to December 7 each year, with changes taking effect January 1. This is the time to review and switch, per Medicare.gov.
What you can do during AEP
- Switch from Original Medicare to a Medicare Advantage plan, or vice versa
- Change from one Medicare Advantage plan to another
- Join, drop, or change a Part D prescription drug plan
Your annual checklist
- Re-check your drug list against the plan formulary, this is where most people overpay
- Confirm your doctors and preferred pharmacy are still in-network
- Compare the total cost (premium + deductible + copays), not just the premium
- Review the plan's star rating and any benefit changes in the Annual Notice of Change (ANOC)
There is also a Medicare Advantage Open Enrollment Period (January 1 to March 31) for those already in an Advantage plan to make one change. When in doubt, use the Plan Finder at Medicare.gov, or have a licensed agent run the comparison with you at no cost.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.