AEP Is Approaching: Should You Review Your Current Medicare Plan?

If you already have Medicare coverage, you may be wondering whether you need to do anything during the upcoming Annual Enrollment Period, or if you can simply keep the plan you have.

Medicare’s Annual Enrollment Period runs from October 15 through December 7. During this time, you may be able to:

• Switch from one Medicare Advantage plan to another.

• Switch from Original Medicare to a Medicare Advantage plan.

• Leave a Medicare Advantage plan and return to Original Medicare.

• Join, drop, or change a Medicare Part D prescription drug plan.

  
  

Any changes made during AEP generally take effect on January 1. Medicare.gov explains the available AEP changes here.

Why review a plan that seems to be working?

Medicare Advantage and Part D plans can change from year to year. Premiums, deductibles, copays, drug formularies, pharmacy networks, provider networks, and additional benefits may all be different for the coming year.

Your own needs may have changed, too. Perhaps you have a new prescription, see a different doctor, expect a procedure, or simply want to know whether your current coverage is still a good fit.

Your plan should send you an Annual Notice of Change (ANOC) in September. Don’t automatically set it aside. It summarizes the changes that will take effect in January and can help you identify areas that deserve a closer look. Learn more about the Annual Notice of Change.

Does everyone need to change plans?

No. Sometimes the best decision is to remain exactly where you are. The purpose of an annual review isn’t to change plans unnecessarily—it’s to make sure your current coverage still works for your healthcare needs, prescriptions, preferences, and budget.

If you’re considering leaving Medicare Advantage for Original Medicare and a Medicare Supplement plan, additional eligibility or medical underwriting requirements may apply. It’s important to investigate those requirements before making changes to your existing coverage.

At BeneCentric, we can help you review your current coverage, understand upcoming changes, and compare your available options. Our guidance and support are always provided at no cost to you.