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What is the Annual Enrollment Period (AEP)?

By Colton Mortensen

The Annual Enrollment Period, often referred to as the Open Enrollment Period is an important time for all Medicare beneficiaries to re-evaluate their current insurance plans.

When does the Annual Enrollment Period take place?

The Annual Enrollment Period takes place each year from October 15th to December 7th. Plan information for the next calendar year is available to be reviewed on October 1st but applications can’t be accepted until the 15th.

What needs to be done during the Annual Enrollment Period?

This is a critical time of year when Medicare beneficiaries need to look into their plan options to make sure they will have proper coverage during the next calendar year.

  1. Check your prescription coverage! Each year, plans tend to change their drug formularies. This means that just because your plan covers your drugs right now, it won’t necessarily cover them the following year. The other thing that can change is the cost for your drugs. We make comparing drug plans extremely easy for our clients. Just provide us with a list of your prescriptions and which pharmacies you prefer to use and we can determine which plans will provide the most cost savings!
  2. Compare Medicare Advantage Plans. If you are already on a Medicare Advantage plan, you should likewise compare plan benefits and the prescription drug coverage if it is included. Medicare Advantage plans often go through many changes from year to year so it is wise to keep up on it if you want to make sure you are getting the most out of what is available to you. We facilitate this whole process for our clients as well. We take into consideration your prescription medications, the doctors/specialists you prefer to use, as well as any special needs and concerns you may have in regard to your coverage. Many of these plans also offer extra benefits such as dental benefits, over-the-counter products, gym memberships and so on.
  3. Switching between Medicare Supplements and Medicare Advantage. This is also a time of year that you could possible switch between Medicare Supplements and Medicare Advantage plans. If you need to learn about the differences between those types of plans, you can read about them in the article here.

How does one go about comparing plans and make necessary changes?

There are several options here. You may choose to sort through all the plans and drug formularies yourself if you’d like. This can be quite the workload if you don’t know how to go about it but it is an option.

We use a resource to make comparing plans yourself much easier. You can put in your prescription medications, preferred pharmacies and doctors. The software will then show you which plans in your area will save you the most money and will also allow you to compare plan benefits. You can access this tool by clicking here.

We would also love to help you through this process. We take a lot of pride and care in serving our clients through this process. If you would like to work with a trustworthy agent, please give us a call at (928)532-6698 or contact us through through our contact page. We are here to help whether you are looking for your first plan, looking to change, or would just like an unbiased second opinion!

Have a question? Feel free to call, email, or send us a quick message with this form!

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If you select "help with Medicare plans", a sales agent may mail, call, or e-mail as a result of completing the information to discuss Medicare Advantage, Prescription Drug Plans, or Medicare Supplement Insurance.

Connect with us!

Interested in:

If you select "help with Medicare plans", a sales agent may mail, call, or e-mail as a result of completing the information to discuss Medicare Advantage, Prescription Drug Plans, or Medicare Supplement Insurance.