Medicare's open enrollment period (a.k.a. the Annual Enrollment Period or AEP) runs from October 15 to December 7 and will once again give retirees a chance to review their plan and make sure it's still a good fit in the coming year. Here are four important dates that you do not want to miss!
Your insurance company is required to send the Annual Notice of Change (ANOC) to you no later than Sept. 30. Be looking for this important document in the mail so that you know what changes are being made to your health plan!
Read More: What is the Annual Notice of Change?
Medicare's AEP begins on this date. For individuals on a Medicare Advantage plan or a Prescription Drug plan, this is your annual opportunity to switch to another plan or disenroll, if needed.
Medicare's AEP ends on this date. Whatever plan you are enrolled in as of this date is the plan you will be locked into for the following year.
If you stayed on your same plan, any changes that were outlined in your ANOC will go into effect on this date. If you switched to a different plan, your new coverage goes into effect on this date.
Why is Medicare's AEP Important?
Medicare’s AEP is the one opportunity you get each year to review the changes that your insurance company is making to your plan for the coming year and decide whether or not to change to a new health plan.
The biggest mistake Medicare enrollees can make during AEP is to not review their ANOC and their plan formulary to make sure they understand their coverage costs and benefits for the coming year.
Read More: What is a Part D Formulary?
Be sure to take advantage of this time frame. Do not delay in reviewing your current coverage. Should you decide to make a change but miss the deadline, you will be locked into your existing coverage for another year.
RetireMEDiQ Can Help You This Fall!
We strongly encourage you to carefully review your ANOC or find a health plan advisor who can help. This will help you understand whether your plan will continue to cover your health care needs and budget.
For our clients, you do not need to worry about this process. Instead, simply be looking for our communications to you in the coming weeks about what you should do next.
If you are not a client and need help, RetireMEDiQ is here. We are experts in the details of health plans. We can help you be sure you have the right plan.