Everything You Need to Know About Medicare Annual Enrollment 2023
The Medicare Annual Enrollment Period (AEP) is a designated time each year for changing your Medicare coverage options, should you choose to do so. AEP takes place from October 15 to December 7, and any new coverage choices made during this period will become effective on January 1 of the following year.
Understanding Your Options: Changes You Can Make During Medicare’s Annual Enrollment Period
Depending on your current coverage, there are certain actions you can take during AEP. Below is a guide to help you understand what options are available to you:
Switch from Original Medicare to Medicare Advantage (as long as you’re enrolled in both Medicare Part A and Part B, and you live in the Medicare Advantage plan’s service area).
Switch from Medicare Advantage to Original Medicare (plus a Medicare Part D plan, and possibly a Medigap plan, although medical underwriting might be required for Medigap, depending on the state and the person’s circumstances).
Switch from one Medicare Advantage plan to another.
Switch from one Medicare Part D prescription drug plan to another.
Enroll in a Medicare Part D plan if you didn’t enroll when you were first eligible for Medicare. If you haven’t maintained other creditable coverage, a late-enrollment penalty may apply.
Do You Want To Know More About Your Options?
Missed Medicare Annual Enrollment Period: What You Need to Know
If you happen to miss the Medicare Annual Enrollment Period (AEP), don't worry as you can still enroll. You will have to enroll during the Medicare General Enrollment Period which occurs from January 1 to March 31 every year. During this period, you can enroll in both Medicare Part A and Part B, and your coverage will start from July 1 of the same year.
If you miss the AEP deadline after December 7th, these are the four things you should know:
You get another chance to enroll in Medicare Part A and Part B. From January 1st to March 31st, you can enroll during what's known as the General Enrollment Period.
If you qualify, from April 1st through June 30th, you can enroll in a Part C Medicare Advantage plan or a Part D prescription drug plan.
Depending on your situation, you may have to pay late enrollment penalties for Medicare Part A, Part B, and Part D.
If you enroll in Medicare during the general enrollment period, and additional coverage between April and June, your coverage should begin July 1st the same year.
Missed Enrollment? Let Us Guide You Through Your Options.
Integrity Insurance Group is Here to Help
Our aim is to assist you with the Medicare Annual Enrollment Process, ensuring that every step is clear and straightforward. With more than 15 years of expertise in the Medicare industry, we are committed to assisting you in choosing new Medicare coverage options. We guarantee to identify the optimal Medicare insurance solutions to suit your individual needs.