With Medicare you will often hear about your Initial Enrollment Period (IEP) (when you turn 65 or when you sign up for Part B), Special Enrollment Period (SEP) (when you are allowed to make a change due to special circumstances), Annual Enrollment Period (AEP) (every year Oct 15 -Dec 7th) and Open Enrollment Period (OEP) (Jan1 – March 31). The timing for each can be confusing and overwhelming. Let’s take a closer look at two of these periods and what they mean for you.
Medicare Annual Enrollment Period (AEP) is from October 15 to December 7 each year. It’s a time for anyone with Medicare to review their plans, their coverage and benefits and make any change in their plans for the upcoming year. This is also the one time during the year you can change your Part D, Prescription Drug plans. Any plans changed at this time will become effective January 1 for the upcoming year.
Medicare Open Enrollment (OEP) is from January 1-March 31. This time period is only for people who are currently enrolled in Medicare Advantage plans and allows them to make changes. During this time period you can make a onetime change from any Medicare Advantage Plan to any other Advantage Plan. You can also change back to Original Medicare. This change could be because you were not able to make the change during AEP or your Dr has recently changed their network affiliations. When making a change at this time, your plan change would become effective the first of the next month.
Many Medicare advantage plans have changes from one year to the next as well as new plans. These two times (AEP and OEP) gives people the opportunity to ensure their doctors are still in their network, their prescription drugs are covered, costs have not changed, and you have the coverage you need. This includes any additional benefits such as dental, vision, hearing coverage or other ancillary items.
Both of these periods happen each year. If you think you may be interested in making significant changes or finding additional benefits for your Medicare plan, the AEP period is coming up. Let’s set up a time to sit down and go over your current coverage and see what your coverage changes and needs are for 2023.
Diane “Dee” Lee Insurance, is an experienced licensed insurance agent and representative providing Medicare (parts A and B), supplemental Medicare, Medicare Advantage (part C) and Medicare Prescription (part D) plans. Diane Dee Lee Insurance also provides healthcare plans to cover dental vision, hospital stays and more. Serving as a Medicare Broker in Deer Valley, Peoria, Glendale, the Phoenix-metro area, as well as the counties of Pima, Pinal, Coconino, Gila, Mohave, Apache, Navajo, Maricopa and Yavapai. Licensed and appointed with multiple insurance carriers, Dee is available to meet in person (with necessary social distancing guidelines) or virtually. Please call (623) 251-6612 or email email@example.com