What is the AEP? Medicare's Annual Election Period explained

The Transition to Medicare Podcast

In this episode, we will be talking about everything you need to know about Medicare Annual Election Period. This time can be really overwhelming as it’s a time full of constant Medicare TV commercials, phone calls, and a pile of mails. We will help you destress this time of year!
We will cut through to all of the do’s and don’ts of the Medicare annual election period so that you can keep the right coverages for yourself.
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Focus on The Annual Election Period

[2:16]

The main reason why there is so much focus on this time of the year is that most consumers on Medicare can have their plans changed. It's a time of chaos.

Definition of this Annual Election Period

[04:40]

The reason you’re going to see extra confusion this time of the year is that it drives phone calls. Carriers and agents are trying to get you to call them to inquire about changing your plan. Is that by design?

[05:58]

The Annual Election Period is a period from October 15 until December 7 each year when you can join, switch or drop a plan. Your coverage will begin on January 1 of the following year. It is also referred to as the Open Enrollment Period. However, that is a term that we are trying to avoid as it can be confused with the Medigap Open Enrollment. Basically, the AEP (annual election period) is the time of the year where you can make changes to your plan.

Planning your options and moves during this period

[9:46]

You can look at all of the 2022 and upcoming plans your options starting October 1. The time to make the actual enrollment or change is from October 15 to December 7. Don’t panic, as you have a large window to file your plan.

[10:46]

After looking through new plans, you can determine if you'd like to make a change. There are many options. We often do not recommend trying to change your Medigap plan during this time period as it is an extra busy time of year for carriers and agents. Unfortunately, you'll get the brunt of that.

[11:38]

Be attentive when people say that you can just "change your plan anytime through open enrollment" because remember, it’s not a truly "open" enrollment time period. I you try to switch from Medicare Advantage to a Medigap plan during this period, you still have to pass underwriting or health questions in most states to qualify for that plan. That is w