Your team at Seniority Benefit Group is here to help! The Annual Election Period (also known as AEP or Medicare Fall Open Enrollment) runs October 15th – December 7th each year.
During this time, Medicare Advantage and Prescription Drug Plan members can review their coverage and decide if a plan change is necessary. Watch the video below for what to expect during AEP!
AEP focuses on reviewing Prescription Drug Plans and Medicare Advantage Plans. If you have a Medicare Supplement plan, you can review and apply to change your plan throughout the year. Keep an eye out in the spring for information on reviewing your Medicare Supplement. Use AEP to focus on your prescription drug coverage.
Even though AEP doesn’t begin until October, your insurance company will mail your Medicare Advantage or Prescription Drug Plan’s Annual Notice of Change (also known as ANOC) by the end of September each year. This document contains an easy to read, side-by-side comparison of your current year’s plan with next year’s. Any changes to your coverage, copays, or service area will be outlined. Make sure to review this important document when it arrives.
October 1st through the 14th, you can see the plan details for next year but you can’t quite submit enrollments yet. This is a great time to gather your list of prescriptions and doctors and to review available plans. Once you have all that information, you’ll be ready to make a decision about coverage for next year.
If you agree with the changes and want to stay with your plan for next year – Great! Your plan will automatically renew unless the plan has notified you otherwise. No action is needed on your part.
If you want to make a change – enrollments can be submitted beginning October 15th. The deadline for enrollments submission is December 7th. We recommend that you make any changes by Thanksgiving to make sure you receive all your new plan information and ID cards with plenty of time before January 1st.
It’s AEP and you’ve reviewed your coverage options, but still have questions. What should you do?
Contact your Seniority Benefit Group Renewal Advisor to answer any questions about plan changes, options for next year, and enrollment!