How to Change Your Medicare Plan During the Annual Election Period

Do you want to make changes to your current Medicare Advantage or Medicare Prescription Drug plan? During the Medicare Annual Election Period, also referred to as the Annual Enrollment Period (AEP) or sometimes the Medicare Open Enrollment Period, you can make changes to your Medicare plan elections for the following year.

When is the Annual Election Period?

The Medicare Annual Election Period runs from October 15th to December 7th of each year. Plan changes made between this time frame take effect on January 1st of the following year. In general, this is the only timeframe you can make changes to your current elections (unless you qualify for a Special Election Period).

Why You Might Want to Change Your Medicare Plan

Many people consider changing their Medicare plans for a variety of reasons. They might find that their current plan no longer meets their healthcare needs, possibly due to changes in their health or new medical conditions. Changes in prescribed medications or the plan's Rx formulary could lead someone to seek a plan with better drug coverage. Sometimes, it just comes down to dissatisfaction with the coverage or service from their current insurance carrier. Even if you are satisfied with your current coverage, Medicare plans can change every year, which is a valid reason to review all your options.

Steps to Take Before Making a Change

Review Your Medicare Plan’s Annual Notices

Review your current plan and identify what features you like or where there may be gaps in coverage. Plans will release their new policy information on October 1. At that time, you will receive important documents from your current plan, such as: 

• Annual Notice of Change (ANOC): outline the changes to your current coverage for the following year. 
• Evidence of Coverage: a full breakdown of the policy. 

Start by reviewing your plan’s Annual Notice of Change (ANOC) or attending an ANOC meeting to learn about any upcoming changes to your coverage. Understanding these updates can help you decide whether a plan change is necessary.

Compare Medicare Plans Based on Your Current Needs

Compare your Medicare plan options thoroughly by looking at all the associated costs and benefits to identify what is best for your individual needs. It's essential to compare more than just the plan premium; look at the provider networks, drug formularies, covered services, added benefits, and travel coverage.

Check out our guide to comparing Medicare plans here.

At Twin City Underwriters, our team of licensed Medicare brokers represents close to all insurance carriers available in the states we serve, meaning we can help you compare all of your plan options. Our team uses our proprietary SurePlan® Medicare System to ensure that the Medicare plan option you choose is the most suitable plan for your needs.

What Can I Do During the Annual Election Period?

During the Annual Election Period, you can…

• Change from Original Medicare to a Medicare Advantage Plan (or vice versa)
• Switch from one Medicare Advantage Plan to another Medicare Advantage Plan
• Join a Medicare Prescription Drug Plan
• Switch from one Prescription Drug plan to another Prescription Drug Plan
• Drop your Medicare Prescription drug coverage completely

Frequently Asked Questions About the Medicare Annual Enrollment Period

Here’s a quick recap of what we’ve covered. A look at some of the most frequently asked questions about the Medicare Annual Enrollment Period (AEP).

1. What is the Medicare Annual Enrollment Period (AEP)?

The Medicare Annual Enrollment Period, or Annual Election Period, is an opportunity each year for Medicare beneficiaries to enroll in a different Medicare plan. Changes made during this time take effect on January 1 of the following calendar year.

2. When is the Medicare AEP?

The Medicare Annual Election Period (AEP) occurs annually from October 15 to December 7.

3. Do I have to change my plan every year?

In most cases, you do not have to make a change to your plan every year; however, in some situations, a change may be required, and your plan will notify you if this is the case, so be sure to review all documents received from your insurance carrier.

Learn more here: Do Medicare Plans Automatically Renew?

4. What documents should I review before making a change?

Make sure to review your Medicare plan's Annual Notice of Change (ANOC) booklet and Evidence of Coverage (EOC) to understand what costs, benefits and covered services may be changing for your plan in the next calendar year. This will help you understand if the plan still meets your needs or if a change is needed.

5. How do I compare Medicare plans?

You can compare Medicare plans online using the official Medicare.gov website, attending online or in-person workshops, or by working with a Medicare insurance agent, like Twin City Underwriters.

6. How do I change my Medicare plan?

To change your Medicare plan during AEP, you can contact Medicare, enroll online or by phone with the insurance company or by working with a licensed Medicare broker, like the agents at Twin City Underwriters.

7. What happens if I don’t make any changes during AEP?

If you do not make a change during AEP, most often your existing plan will carry over into the next calendar year.

Learn more about Medicare Election Periods

8. What if I missed the AEP deadline?

Missing the AEP deadline doesn’t necessarily mean you’re stuck with your current plan. You may qualify for other options, like the Medicare Advantage Open Enrollment Period (MA OEP) or a Special Enrollment Period (SEP).

If you have additional questions about the Annual Election Period, switching to a new plan, or staying with your current plan, we are here to help! 

Contact us today to get Medicare support you can count on.

This is an updated blog post that was originally published in 2018.

Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!

Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.