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October 18, 2022

What You Need to Know About the Medicare Annual Enrollment Period

Thanks to some help from our friends at IMA Financial Group, here are some tips to ensure you’re on top of your Medicare benefits as we enter this year’s AEP.

What is AEP?

AEP is an acronym for Annual Enrollment Period, or the time period in which Medicare beneficiaries can make certain changes to their policies.

When does the AEP take place?

The Medicare Annual Enrollment Period takes place between October 15 and December 7. It’s happening now!

When do coverage changes go into effect?

Coverage changes made during the AEP will go into effect starting January 1, 2023.

Who can make changes to their Medicare coverage?

Any beneficiary who is enrolled in Medicare Part A or Part B.

What type of changes can be made during AEP?

Some things beneficiaries may change during the Annual Enrollment Period are:
  • Changing from an Original Medicare plan to a Medicare Advantage plan.
  • Changing from one Medicare Advantage plan to another.
  • Disenrolling from their Medicare Advantage plan and reverting to an Original Medicare plan.
  • Enrolling in a prescription drug plan.
  • Canceling prescription drug coverage.

Do you have questions regarding the Annual Enrollment Period or possible changes you’d like to make to your plan? Contact your Medicare provider, check out this article from the Missouri Department of Commerce & Insurance, or reach out to our team at CommunityAmerica Insurance Agency to learn more on our Medicare offerings.
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