How to Prepare for Medicare’s Annual Enrollment Period (AEP)

First Published 2 Oct 2023

by Ken Williams

Every year, Medicare beneficiaries have the chance to review and make changes to their Medicare coverage during the Annual Enrollment Period (AEP). This crucial window runs from October 15th to December 7th. Here’s what you need to know and do to prepare:

1. Mark Your Calendar

First and foremost, remember the dates. The AEP starts on October 15th and ends on December 7th, which is a pretty narrow window. Any changes you make during this time will take effect on January 1st of the following year.

2. Review Your Current Coverage

Before considering a change, thoroughly review your current plan:

Understand your benefits, especially any new changes to your plan for the upcoming year.
Look at costs such as premiums, deductibles, and, most importantly, your out-of-pocket maximums. While a lot of plans might try to persuade you with a low monthly premium, just remember that your annual maximum out-of-pocket (MOOP) represents your overall financial exposure. If you’re confused, Ask Claire can help!
Review your medications and ensure they are covered. Plans often change their formulary or drug list every year.

3. Assess Your Health Needs

Evaluate any changes in your health or medications over the past year. If your health needs have evolved, your current Medicare plan may no longer be the best fit. Consider whether:

Whether you’ve had any unexpected hospitalizations or procedures over the past year
Whether you’ve had a change in functional status or your ability to perform regular activities of daily living
Whether you have new medications that aren’t covered on your current health plan
Whether you have any changes to your dental, hearing, or vision needs
Whether you’ve had any other changes to your health or financial situation that needs to be addressed

4. Research Other Plans

If you think another plan might better suit your needs, talk to a trusted licensed agent (like Ask Claire) who will take the time to understand your needs and help you find a plan (or plans) that may work best for you, given your unique circumstances, including your medications, providers, and preferred pharmacy.

5. Check Provider and Pharmacy Networks

If you’re considering changing plans:

First, make sure that the medications you need are covered.
Next, ensure your preferred doctors, specialists, and hospitals are in-network.
Finally, confirm that your pharmacy is included, especially if you benefit from lower pricing at a specific location.

Remember, though, that if you’re having trouble with this, Ask Claire can help.

6. Stay Alert

Be wary of unsolicited calls or offers related to Medicare. Scams increase during the AEP. Always refer to official sources like medicare.gov or trusted insurance agents, like Ask Claire, for accurate information.

7. Make Changes If Necessary

Once you’ve made a decision:

Enroll in a new plan or make changes to your existing one during AEP.
If you’re happy with your current coverage and it’s still available for the next year, you don’t need to do anything; you’ll be automatically re-enrolled.

8. Confirm Your Enrollment

After making any changes, you should receive a confirmation. Ensure all the details are correct. If you don’t receive a confirmation or if there’s an error, contact your Ask Claire agent, the plan provider, or Medicare directly.

Claire’s Perspective

The Annual Enrollment Period is an excellent opportunity for Medicare beneficiaries to ensure their health coverage aligns with their needs. By preparing in advance and staying informed, you can make confident decisions about your Medicare coverage for the coming year.