Whether you\u2019re new to Medicare or have been enrolled for years, it\u2019s always good to make sure you\u2019re getting the most out of your benefits. Not only will your health care needs change over time, but some of your coverages and costs may as well.
\nMedicare understands this and has rules in place regarding when updates to your coverage can be made. Discover what they are, the deadlines you should be aware of, and which changes are allowed to help you maximize your health benefits.
\nMedicare AEP at a Glance
\nThere are different enrollment periods for the various Medicare plans offered. If you\u2019re interested in signing up for or making changes to a Medicare Advantage plan or a Medicare Prescription plan, then the Medicare Annual Election Period (AEP) is the perfect time to do so.
\nLet\u2019s take a closer look at the specifics of Medicare coverage and how you can make the most of the upcoming Medicare Annual Election Period.
\nMedicare\u2019s Main Parts
\nHere\u2019s a brief overview of the types of coverages Medicare offers:
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Changing Your Medicare Coverage
\nNow that you know the main types of coverage available, let\u2019s examine when you\u2019re eligible to make changes to the Medicare plan you have.\u00a0
\nTypically, you\u2019ll want to take advantage of the Annual Election Period (AEP). This happens during the same time each year. Sometimes, however, special circumstances arise and a Special Enrollment Period (SEP) is needed. We\u2019ll look at each of these options in turn.
\nWhat is AEP
\nOctober 15th through December 7th is the Medicare Annual Election Period (AEP). During this time, you may make the following changes to your plan:
\nAny updates you make to your coverage during this period will become official on January 1st.
\nWhy Make Changes during the Medicare AEP?
\nYour health evolves from year to year, and your coverage should, too. Invest a little time now to see what Medicare plans are best suited to your needs.\u00a0
\nAre you requiring more prescriptions or health visits than before? Or perhaps the reverse is true and you don\u2019t need all of the benefits you currently have.
\nIs there a more cost-effective plan available in your area that offers the coverage you need?\u00a0 Are there new benefits being offered in a different plan that would be helpful to you?
\nThe time you invest in examining your coverage now could yield major benefits in the year ahead.
\nAdditional Enrollment Periods
\nWhile the Annual Election Period happens during the same timeframe each year, Medicare recognizes that additional enrollment periods are required. Here\u2019s a brief look at the different types available:
\nMedicare understands this and has rules in place regarding when updates to your coverage can be made. Discover what they are, the deadlines you should be aware of, and which changes are allowed to help you maximize your health benefits.
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