Navigating the Medicare Annual Enrollment Period (AEP) can make you feel overwhelmed, especially if you have a chronic condition or other healthcare needs. However, it is important that you understand what you need to do during AEP as it could make a difference in finding the best possible healthcare coverage for 2025. Below we will look at what AEP is and what steps you should take during this time.

What is AEP?

The Medicare Annual Enrollment Period, often called AEP, is a specific time each year where you can review your current Medicare plan and make any necessary changes to make sure it meets your healthcare needs for the upcoming year. This year, AEP will run from Oct. 15 through Dec. 7. During this time, you will have the option to:

• Change from Original Medicare to a Medicare Advantage Plan 
• Switch from one Medicare Advantage Plan to another
• Enroll in or change a Medicare Part D prescription drug plan
• Drop your Medicare Advantage Plan and return to Original Medicare

Any changes you make during AEP will take effect on Jan. 1, 2025.

6 steps to take during AEP

Here are six reasons why you should take the time during AEP to review and make any necessary changes to your Medicare plan.

1. Review Your Current Plan: Look at the benefits, costs, and coverage to see if it still meets your needs. Pay attention to any notices you receive from your plan provider about changes for the upcoming year.
2. Make a List of Your Healthcare Needs: Write down your current medications, preferred doctors, and any other medical services you regularly use. This list will help you compare different plans to see which one offers the best coverage for your needs. 
3. Compare Plans: Use the Medicare Plan Finder tool on the Medicare website to compare different plans available in your area. Look at the premiums, deductibles, copayments, and coverage for prescription drugs. Don’t forget to check if your preferred doctors and hospitals are in the plan’s network. This can be confusing, and you can work with an independent licensed broker to help you through this process with ease. 
4. Consider Medicare Advantage Plans: Medicare Advantage Plans (Part C) are an alternative to Original Medicare. These plans are offered by private insurance companies and often include additional benefits such as dental, vision and hearing coverage while some plans also offer wellness programs and gym memberships. Compare the benefits and costs of Medicare Advantage Plans to see if they are a better option for you and remember to check if your preferred doctors and hospitals are in the plan as well.
5. Check Prescription Drug Coverage: If you take prescription medications, it’s important to review the Medicare Part D plans. Look at the formulary (list of covered drugs) to make sure your medications are covered and compare the costs. Some plans offer better coverage for specific drugs, which can lead to significant savings.
6. Know Your Dates: Here are three important dates to remember regarding the upcoming AEP period.
   1. Oct. 1: You can start comparing plans and check for any changes in your current plan.
   2. Oct. 15 – Dec. 7: AEP begins. This is the time to make any necessary changes to your Medicare plan for 2025.
   3. Jan. 1, 2025: Your new coverage will begin with any changes you made during AEP taking effect.

AEP is an important time for you to review and make changes to your Medicare plan. Make certain to take the time to complete the necessary steps to evaluate your options. If you’re unsure about which plan to choose, seek assistance from an independent licensed agent so you can have the best possible coverage for your medical needs in 2025.

Medicare's Annual Enrollment Period (AEP) is Oct. 15 – Dec. 7. For more information on Medicare and what’s best for you… Summit Health has partnered with an independent licensed agent. To learn more, please click here.