AEP
What Is Annual Enrollment Period?
AEP stands for “Annual Enrollment Period.” It is a specific time frame during which individuals can make changes to their healthcare coverage, particularly for Medicare plans in the United States. AEP occurs annually and typically runs from October 15th to December 7th each year.
During the Annual Enrollment Period, individuals who are eligible for Medicare, which includes those aged 65 and older, as well as some younger individuals with certain disabilities, have the opportunity to:
1. Enroll in Medicare: If someone becomes eligible for Medicare for the first time, they can use AEP to enroll in Medicare Part A (hospital insurance) and Part B (medical insurance).
2. Change Medicare Advantage Plans: Individuals who are already enrolled in Medicare Advantage plans (Part C) can switch to a different Medicare Advantage plan during AEP.
3. Change Prescription Drug Plans: Medicare Part D provides prescription drug coverage. During AEP, individuals can change their Part D plan or enroll in a new one if they didn’t have it before.
4. Return to Original Medicare: Those who are currently in a Medicare Advantage plan can choose to return to Original Medicare (Part A and Part B) during AEP.
5. Make Changes to Supplemental Plans: Some individuals have Medicare Supplement Insurance (Medigap) plans to help cover costs not covered by Original Medicare. AEP may be a time to make changes to these supplemental plans.
It’s important to note that the options available during AEP are specific to Medicare beneficiaries, and the dates and rules can change from year to year. It’s advisable for individuals eligible for Medicare to review their healthcare needs and insurance plans during this period to ensure they have the coverage that best suits their circumstances for the upcoming year.