When is Medicare's Annual Enrollment Period?
Our staff at MedicareTrustedAgents.com works with clients in Winchester, VA, Stephens City, VA, and Martinsburg, WV. We are hard at work reviewing all the many changes to the Medicare plans for 2021. And there are a lot! If you are on medicare, there are several different medicare enrollment periods during which you can enroll in a Medicare plan or disenroll from your current one, depending on your situation. If you miss the right time to enroll, your coverage may be delayed, or you could face penalties later on. Today, let’s discuss the most common medicare enrollment period: ANNUAL ENROLLMENT PERIOD (AEP):
AEP runs from October 15 to Dec 7 each year. Here a list of activities you can do during this period:
● If you’re in Original Medicare, you can switch to a Medicare Advantage plan — or vice versa.
● You can switch from a Medicare Advantage plan with drug coverage to one without drug coverage— or vice versa.
● You can join or drop a Medicare prescription drug plan
● You can update your coverage by switching to a new plan from your current insurer or switch to a new insurer.
Keep in mind, if you choose to make a change during the Annual Enrollment Period, your new coverage won’t begin until January 1st.
During AEP each year, you should visit your agent to discuss available medicare plan options for the following year or to discuss any changes to your existing coverage. You may submit as many applications as you want during this time, but it’s important to understand that the LAST application submitted before Dec 7th will become your effective plan on January 1st.
The annual enrollment period is a once in a year chance for medicare members to review their current Medicare coverage and make possible changes based on their medical needs.
One thing you can count on...medical and prescription drug plans will change year after year. It is essential for you to meet with your trusted medicare insurance agent to revisit your current plan every year and make sure it still fits your needs and budget. We highly recommend choosing a local insurance agent that you can meet with face to face each year. Not only do the insurance plans change year after year, but your health insurance needs will also change over time. Time spent with your local agent is time well spent.
The Annual Enrollment Period is right around the corner. Need to talk to a local agent? Contact us today at (540) 877- 5846 to speak with Brian or one of our Insurance agents or visit our website medicaretrustedagents.com to obtain more information.