Medicare refers to the federal social and health insurance coverage for people 65 years and older, as well as disabled people, which was introduced in 1965. In 2017, statistics show that about 17.2 percent of Americans benefited from Medicare in the United States at 707 billion US dollars.
The beneficiaries of Medicare have the opportunity to change coverage every year, which is called the Medicare Annual Enrollment Period or AEP. Below are some of the good-to-know things about Medicare’s AEP:
Medicare AEP Has Different Names
The Medicare Annual Enrollment Period is between October 15 and December 7. This is the time to choose the perfect Medicare plan to improve your health and well-being, which can provide emotional and financial peace of mind.
The Medicare AEP has different names, such as the following:
- Medicare Fall Open Enrollment
- Medicare Open Enrollment Period (OEP)
- Annual Election Period (AEP)
Medicare AEP Preparation
The options you can choose from when it comes to Medicare coverage include Original Medicare (Parts A and B), Medicare Advantage (Part C), and prescription drug coverage (Part D). For you to choose the best plan to cover your health needs, you should be abreast with Medicare open enrollment tips by going to resource sites and doing some research.
Difference Between Medicare AEP and GEP
The Medicare AEP is different from the Medicare General Enrollment Period or GEP, wherein the latter takes place between January 1 and March 31. With Medicare AEP, you can modify your current Medicare coverage.
Delay in enrollment in Medicare AEP gives you a chance to enroll in GEP and late-enrollment penalties apply. With GEP, you can enroll in either Part A or B. It means that you cannot switch from Medicare Advantage (MA) to Original Medicare or vice versa. Also, you cannot change the Medicare Part D plan when on the GEP.
Medicare AEP Plans
As previously mentioned, Medicare has different coverage. Part A or Hospital Coverage: Applying for Medicare will automatically enroll you in Part A. It covers not only hospital stays, but also hospice care, nursing care, and rehabilitation required by those who were hospitalized