Now that you are on Medicare, here are three things to keep in mind as you move through life with these benefits.
The last thing to remember about life on Medicare involves certain time periods that we cover in the last step – number 13.
There are two annual time periods to remember while on Medicare.
The Annual Enrollment Period (AEP)
Each year, from October 15th – December 7th, those on Medicare who have Medicare Advantage plans or Part D Prescription Drug plans may make changes to their plan.
During AEP, you may change from one Advantage plan to a different Advantage plan. You may change from one standalone Part D plan to another. You may move from Original Medicare and a Supplement to an Advantage plan. All of this can happen during AEP.
Or, if you are happy with your existing plan(s), you don’t have to do anything. By doing nothing, your plans will automatically renew.
Any changes you do make would go into effect on January 1st of the upcoming year.
Medicare Advantage Open Enrollment Period
The Medicare Advantage Open Enrollment Period runs from January 1st – March 31st of each year. If you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. You can only switch plans once during this period.
Medicare & Social Security are complex, but you don’t have to deal with them by yourself. We’re here to do all the heavy lifting for you.
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