Medicares Annual Enrollment Period: What Is the Big Deal? - All About Seniors

By Russell TurnerWhen you are a beneficiary in the Medicare system, you are likely aware of the Medicare Annual Enrollment Period.It occurs each year between October 15 and December 7.Television commercials seem to run nonstop.

The phone starts ringing with telemarketers.It seems at every turn someone is talking about Medicare and Medicare plans.During this time frame, you may be able to change your Medicare plans or explore different options that are available to you.Having the right healthcare plan in place can make a significant difference in how much you pay out of pocket.

The wrong plan for you could be quite expensive.All sign-ups and changes to Medicare can only be done during specific enrollment periods.For example, when you first became Medicare-eligible, you were entitled to your IEP, or Initial Enrollment Period.You probably received a ton of mail and phone callseveryone wanting you to sign up with them.During this enrollment period, you could choose either a Medicare Advantage plan or a Medigap policy (also known as a supplement).

You also needed a Medicare drug plan, which is either included in the Medicare Advantage plan or purchased separately as a stand-alone drug plan alongside your Medigap policy.What can I do during the Medicare Annual Enrollment Period?These are some of the things you can do:Drop your Medicare Advantage plan and return to Original Medicare, purchasing a Medicare Prescription Drug plan.Change from one Medicare drug plan to a different Medicare drug plan.Drop your Medigap policy and switch to a Medicare Advantage plan.Change from one Medicare Advantage plan to another.Note: All changes made during the Medicare AEP will become effective on January 1 of the upcoming year.Every year during the Annual Enrollment Period, it is wise to contact your local agent and review what you have, what has changed, and what will keep you in the best position going into the new year.Your agent has tools to compare plans and estimate the cost of your existing medications.Speaking to your agent may save you money.Plans change every year, including medications and formularies, and maybe even your personal circumstances.

Not all plans are the same.Talk to your local agent.