Medicare’s Annual Election Period (AEP) runs Oct. 15 through Dec. 7 and is an important season for all beneficiaries. It’s when the details are released about Medicare Advantage and Prescription Drug Plans for the coming year.
This is your opportunity to understand the changes that will affect your existing plan starting Jan. 1 so you can avoid surprises in the new year.
It is also important to check out the details of the other plans available in your area. You might find a plan with more benefits that you could be taking advantage of at a lower cost.
There are safety nets for beneficiaries making a plan change during AEP. If you currently have a Medicare Advantage plan and make a switch for 2024, you can switch back or try a different plan during January, February and March. If you are on a Medicare Supplement (MediGap) plan and decide to explore the added benefits Medicare Advantage provides at considerable cost savings, you are guaranteed acceptance back into your current plan for a period of one year.
AEP is the time to talk to a broker who can help you find the most beneficial plan for the upcoming year.