Have you missed the Annual Enrollment Period (AEP) for the Medicare Advantage & Prescription Drug Plan?
Here are a few things you could do.
Every year, between October 15 and December 7, Medicare beneficiaries have the chance to assess their current coverage and make changes during the Medicare Annual Enrollment Period (AEP), also known as the Medicare Fall Open Enrollment or the Annual Election Period. This eight-week window is simple to overlook, but if you’re one of the many people who missed it, you may still have some options if you need to change your insurance.
3 Ways to Overcome Missing the Fall Open Enrollment Period for Medicare
Depending on what you wanted to accomplish during AEP, you might still be able to do so or add further modifications for the time being. If you failed to enroll in Medicare during the annual enrollment period, you can do three things.
- Examine different Medicare enrollment windows
AEP is one of the five predetermined times each year when a person can sign up for Medicare or modify a current Medicare plan. Consider spending some time learning more about the additional four enrollment periods as not everyone is eligible for each of them.
- Initial Enrollment Period – The Initial Enrollment Period is for people who have recently become or will soon become eligible for Medicare. This period starts three months before your 65th birthday and lasts for three months after.
- General Enrollment Period – Every year, from January 1 to March 31, the General Enrollment Period gives anyone who missed their chance to enroll in Original Medicare to do so. A late enrollment fee can be charged, and coverage won’t begin until July 1 of that year.
- Special Enrollment Period – A number of life events, including as moving, losing employer coverage, receiving a diagnosis of a qualifying chronic disease, or entering or exiting a skilled nursing facility or long-term hospital care, may qualify you to enroll during a Special Enrollment Period.
- Medicare Advantage Open Enrollment Period – This period, which runs from January 1 to March 31, enables Medicare Advantage enrollees to alter their coverage once. Only those who are currently enrolled in a Medicare Advantage plan are eligible for this enrollment period.
- Consult your healthcare provider about switching your prescription medications.
Finding solutions to reduce your healthcare expenditures can be helpful if you missed AEP and are not eligible to modify your coverage during a different enrollment period. Optimizing your prescription medications and discussing your medication options with your doctor(s) are two of the greatest ways to achieve this. The Medicare Prescription Drug, Improvement and Modernization Act of 2003 mandates that Medicare plans cover at least two medications in each class and category. As a result, even if your current plan doesn’t cover your current medication, it should cover a different medication created to address the issue.
3. Determine Whether You Are Eligible for the 5-Star Medicare Special Enrollment Period
You can change to a 5-star-rated Medicare Advantage plan, standalone Medicare Prescription Drug Plan, or Medicare Cost Plan during the Medicare 5-Star Special Election Period. Only one move to a 5-Star plan is permitted by qualified individuals between December 8 and November 30. Please be aware that not all localities offer 5-Star plans.
Explore the Medicare Annual Enrollment Period Guide for 2023
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We can ensure that you receive the Medicare benefits you are entitled to, whether you need assistance navigating AEP or are attempting to determine when your best option for enrollment is. The service is free, and enrollment is not required.
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