The Medicare Advantage and Prescription Drug Plan Annual Enrollment Period is an important time of year for Medicare beneficiaries. This year, the Annual Enrollment Period runs from October 15, 2023 to December 7, 2023. The enrollment period only lasts 53 days, and it’s important to remember that your updated Medicare Advantage coverage does not go into effect until January 1, 2024.
It’s easy to be overwhelmed with the barrage of information during this time of year, so here are a few tips to help you navigate this year’s Annual Enrollment Period.
1. Make Sure You Are Able To Make Changes to Your Coverage
During the Medicare Advantage and Prescription Drug Plan Annual Enrollment Period, Medicare beneficiaries can:
Switch from Original Medicare (Part A and Part B) to a Medicare Advantage plan
Change from one Medicare Advantage plan to another Medicare Advantage plan
Switch from one Prescription Drug plan to another or enroll in a Medicare Advantage Prescription Drug plan
Add a Prescription Drug plan if you didn’t enroll when first eligible for Medicare
AEP is not the time to enroll in a Medigap plan. You can enroll in a Medigap plan during your Medicare Supplement Open Enrollment Period, which begins at the same time your Medicare Part B becomes effective and lasts for six months.
2. Take a Deeper Look Into Your Current Coverage
Medicare Advantage plans can change every year and so can your healthcare needs. Whether it is the depth of coverage or the cost of premiums, AEP is a great time to make sure you understand your coverage needs and what your Medicare Advantage plan covers.
3. Make A List of Your Medications
A main benefit of Medicare Advantage plans is prescription drug coverage. Preparing a list of your medications, along with the exact dosages is a way to make sure all of your prescriptions are on your plan’s formulary. This will help you determine whether your current Medicare prescription drug coverage is sufficient for the upcoming year.
4. Know Your Medicare Annual Enrollment Period Time Frame
The Medicare Advantage and Prescription Drug Plan Annual Enrollment Period runs from October 15 to December 7 each year. The changes made during AEP will go into effect January 1 of the following year. With AEP lasting about seven weeks, it can be easy to miss. Take the time to mark this period on your calendar for this year and next so you don’t miss this crucial time to evaluate and make changes to your coverage.
5. Call SelectQuote to Compare Medicare Advantage Plans For Medicare AEP 2023
The easiest way to understand your Medicare Advantage coverage options is by working with SelectQuote. Our licensed insurance agents will help you compare your options and determine what Medicare Advantage plan is the right fit for you. We can help ensure you’re getting the benefits available to you.
