The annual Election Period is when Medicare beneficiaries have the opportunity every year to make changes to their coverage. The AEP for 2022 will run from October 15th through December 7th. At this time, beneficiaries can make changes to their Part D prescription drug plans, Medicare Advantage plans, and Medigap policies. In this blog post, we will discuss what you need to know about the AEP for 2022!
What Changes Can I Make During AEP(Annual Election Period)?
During the Annual Election Period, you can make the following changes to your Medicare coverage:
- Switch from Original Medicare to a Medicare Advantage Plan
- Switch from a Medicare Advantage Plan back to the Original Medicare
- Join a Part D prescription drug plan
- Drop your Part D prescription drug plan
- Switch Part D prescription drug plans
- Join a Medigap policy
- Drop your Medigap policy
- Switch Medigap policies
What if I Missed AEP?
If you missed the Annual Election Period, you may still be able to make changes to your Medicare coverage. If you are eligible for a Special Election Period, you can make changes to your Part D prescription drug plan, Medicare Advantage plan, or Medigap policy. To learn more about Special Election Periods, please read our blog post: What is a Special Election Period?
Another option you can use is the Open Enrollment Period(OEP). This begins January 1st and goes to March 31st. During this time you can switch from an alike plan to another like plan. For instance, you have a PDP plan that you are not happy with due to medication no longer being covered. Your HMO is no longer working with your favorite Dr. You can switch to another HMO or you can switch to a new PDP(prescription drug plan). The catch has it has to be a similar plan for you to be allowed to change per Medicare’s rules
What Changes Can I Make During the Medicare Annual Election Period?
The specific actions you can take during AEP depend on your current coverage. Check your situation below for a run-down on what you can do.
I Currently Have Just Original Medicare (Parts A & B).
- Join a Medicare Advantage plan (Part C) with or without built-in drug coverage. Note that you may be charged a penalty if you do not currently have other creditable drug coverage.
- Enroll in a stand-alone Medicare prescription drug plan (Part D). A penalty may apply here as well if you do not currently have other creditable drug coverage.
- Make no changes and your current coverage will renew as is.
You Currently Have Original Medicare (Part A and/or Part B) W/a Stand-Alone Medicare Prescription Drug Plan (Part D).
- Join a Medicare Advantage plan (Part C) with or without built-in drug coverage.
- Switch from your current Medicare prescription drug plan to another Medicare prescription drug plan.
- Drop Medicare prescription drug coverage completely. Note that you may be charged a penalty if you decide you want drug coverage again later.
- Make no changes and your current coverage will renew as is.
I Currently Have Medicare Advantage Prescription Drug Plan
- Switch from your current Medicare Advantage plan to another Medicare Advantage plan with or without built-in drug coverage during Annual Election Period.
- Drop your Medicare Advantage plan and go back to Original Medicare.
- Join a stand-alone Medicare prescription drug plan if you go back to your Original Medicare or if you switch to a Medicare Advantage plan that does not include drug coverage.
- Drop Medicare prescription drug coverage completely. Note that you may be charged a penalty if you decide you want drug coverage again later.
- Make no changes and your current coverage will renew as is.
I Currently Have a Medicare Advantage Plan (Part C) and a Stand-Alone Medicare Prescription Drug Plan (Part D).
- Switch from your current Medicare Advantage plan to another Medicare Advantage plan with or without built-in drug coverage.
- Switch from your current Medicare prescription drug plan to another Medicare prescription drug plan.
- Drop your Medicare Advantage plan and go back to Original Medicare.
- Drop Medicare prescription drug coverage completely. Note that you may be charged a penalty if you decide you want drug coverage again later.
- Make no changes and your current coverage will renew as is.
Annual Election Period is also a great reminder to review your Medicare plan each year so you can make sure you have the coverage you have is still your best option.
If you need help with making a change or knowing what you are entitled to. Please give us a call at 1-800-339-4112