What is the Medicare Annual Election Period?

Medicare has specific periods during the year for certain enrollments and changes. One of these periods is called the Annual Election Period (AEP). October 15 to December 7. This is the ideal time to make changes to your health care coverage and prescription drug plan for next year that will accommodate your specific needs and maximize your coverage and benefits.

Each year, insurance companies make changes to their health and prescription drug plans regarding costs, coverage, benefits, and provider and pharmacy network. At the beginning of September, watch for the letters your insurance company mails you about your plan, "Evidence of Coverage" and "Annual Notice of Changes," which should be reviewed to find out if there are changes to your plan. Make sure your plan still meets your health needs for the next year. Remember, this timeframe is the ideal time to take action to review, compare and change your Medicare Advantage or prescription drug coverage for next year with a January 1 effective date.