Medicare Annual Election Period, or AEP for short, runs from October 15th – December 7th. It is a critical window of time for about 65 million Americans (or roughly 1 in 5 total Americans) who are enrolled in Medicare to asses their healthcare needs for the upcoming calendar year.
You know its coming up when you see even more commercials on TV about Medicare reminding beneficiaries to take action. Here is a brief guide to assist navigating this year’s Annual Election Period effectively.
The Annual Election Period is the only time of year when Medicare beneficiaries can make changes to their Medicare Advantage or Part D plans, with new coverage taking effect on January 1 of the following year. Unlike other enrollment periods, such as the Initial Enrollment Period for new beneficiaries, AEP allows those already enrolled to switch plans, enroll in a new plan, or disenroll from a Medicare Advantage plan to return to Original Medicare. Given that all Medicare Advantage plans, and Part D Prescription Drug plans are contracted with the federal government on a calendar year basis, so it is also important to confirm that your current plan is renewing their contract. There are many reports indicating that some plans are exiting various markets across the country, which could affect your coverage options.
With big changes are expected for the 2026 enrollment year, so it is advised that you take your time, talk to your broker, and plan ahead.
Here are a few pointers to help you prepare for the Annual Election Period:
· Update your medication list and dosage, and be sure that your Insurance Broker has the most up-to-date list
o This is vital to ensure the appropriate plan can be recommended to cover your medications at the lowest possible cost.
· Update your list of doctors, including name and address, and be sure that the broker you are working with has this as well
o Out-of-Network providers can lead to higher costs or coverage gaps
· Be honest with yourself, is your health better, worse, or about the same as last year? Your needs may have changed
o Changes in medical needs may necessitate a different plan
· Take a second look at your overall budget. Inflation has been rough on us all.
o Adjustments may be able to be made to help alleviate cost burdens
· When looking at plans consider the overall cost of it – premiums and out of pocket copays and/or deductibles
o Don’t be fooled by “Low Premiums”, these plans often have hidden and high out of pocket costs
A knowledgeable local Medicare broker can simplify the enrollment process. Choose a broker who represents multiple insurance carriers and products to ensure you have access to a wide range of plan options. A good broker will take the time to understand your needs, explain plan details clearly, return calls promptly, and provide ongoing support throughout the year. They can help you compare plans based on your medication list, preferred doctors, budget, risk tolerance, and medical needs, ensuring you select a plan that balances affordability and coverage.
With significant changes expected in 2026, such as plans to exit certain markets, it’s more important than ever to stay informed. Discuss any concerns with your broker, who can provide insights into local market changes and help you anticipate how they might affect your coverage.