Navigating the Medicare Annual Enrollment Period (AEP): Everything You Need to Know to Avoid Costly Mistakes

If you’re reading this, chances are you’ve heard about the Medicare Annual Enrollment Period (AEP), but you might still have questions or feel unsure about how it affects YOU or someone you love. Here's the thing—you’re not alone. Every year, millions of Medicare beneficiaries are in the same boat, wondering, “Do I NEED to change my plan?” or “What happens if I MISS the deadline?”

I'm going to break it all down so you feel EMPOWERED to make the best decisions for the future of your health.

So let's start here --> What Exactly Is AEP, and Why Should I Care?

AEP or the Annual Enrollment Period, is that time of year—October 15th to December 7th—when you have the opportunity to make changes to your Medicare coverage. If you've ever had insurance through an employer and had the "time of the year where it's time to 'renew' or 'adjust' your health coverage, this is essentially the same process, just now with Medicare.

This period is critical because the decisions you make now will directly impact your healthcare starting January 1st of the following year. Think of it as your window of opportunity to reassess and ensure that your plan is still the best fit for you.

LET ME ASK YOU THIS...

Has anything changed in your health or your life since you selected your previous Medicare plan?

If your answer to this is YES, AEP is your chance to adjust your coverage to reflect those changes. If not, it’s still worth reviewing because plans themselves change each year — and what worked for you last year might not work as well in the next year.

So... What Can I Do During AEP?

During this time, you have the power to:

- Switch from Original Medicare (Part A & Part B) to a Medicare Advantage plan, or vice versa.

- Change from one Medicare Advantage plan to another.

- Add, drop, or change your Medicare Prescription Drug Plan (Part D).

- Leave your Medicare Advantage plan and return to Original Medicare, with the option to add a Part D plan if needed.

This flexibility gives you the ability to ALIGN your coverage with your current needs, but it’s important to understand WHY you might want to make a change. So, let’s dive into that.

How Do I Know If I Should Change My Plan?

Here’s where a lot of people get stuck: “How do I know if my plan still works for me?”

Although complex, it's pretty simple, think about and consider these SPECIFIC things:

-Health Changes: Have you been diagnosed with new conditions? Are you taking new medications? If your health has changed in any way, it’s time to take a closer look at your plan. Does it cover everything you need? Are your doctors still in-network?

-Budget: Have your premiums, deductibles, or out-of-pocket costs gone up?Many plans adjust their costs each year, so what was affordable last year might not fit your budget now. The last thing you want is to be caught off guard by rising costs in the new year.

-Extra Benefits: Are you missing out on new benefits like dental, vision, or hearing coverage? Many Medicare Advantage plans now offer these extras, and they can make a big difference in your overall health and wellness. It’s worth seeing if you can get more value out of your plan.

If any of these questions hit home for you, it might be time to explore your options. But don’t worry—you don’t have to figure it out on your own.

What Happens If I Don’t Review My Plan During AEP?

Very often, many people think, “I’ve had the same plan for years. Why change now?” But here’s the reality: sticking with your plan without reviewing it could lead to higher costs or less coverage down the line.

For example, your prescription drug coverage may have changed, meaning your medications could cost you more in 2025. Or, your favorite doctor may no longer be in-network. It’s those small details that can have a big impact on your wallet and ultimately, your peace of mind.

If you do nothing during AEP, your current plan will carry over to the next year—but that doesn’t necessarily mean it’s still the best fit for you.

Common Mistakes to Avoid During AEP

When it comes to AEP, there are some common traps people fall into, and I don’t want you to make the same mistakes:

1. Waiting Until the Last Minute: December 7th seems far off now, but it’ll be here before you know it. Waiting too long could lead to rushing your decision, and that can lead to mistakes or missed opportunities.

2. Not Comparing Plans: It’s easy to get comfortable with what you know, but just because your current plan worked for you last year doesn’t mean it’s the best option for this year. It pays to compare. A few minutes spent reviewing could save you a lot of money and hassle in 2025.

3. Ignoring Prescription Drug Coverage: Even if you don’t take many medications right now, things can change quickly. Having the right Part D plan can prevent you from facing sky-high costs if you need new medications in the future.

What’s the Difference Between Medicare Advantage and Medigap, and Why Does It Matter?

One of the most common questions I get in general but especially around AEP is, “Should I stick with Medicare Advantage, or switch to Medigap/Medicare Supplement?”

Here’s a quick breakdown to help you decide:

-Medicare Advantage plans bundle your Medicare benefits into one plan, often including prescription drug coverage, and can also offer extras like dental and vision.

-Medigap (Medicare Supplement Insurance) is designed to cover out-of-pocket costs like copays and deductibles that Original Medicare doesn’t cover.

Now, there are a few more factors to consider, but we will discuss that in another blog BUT for starters, ask yourself this: Do you value the convenience of an all-in-one plan with some extra benefits, or do you prefer more flexibility in choosing your healthcare providers? Your answer can help guide you toward the right decision.

What If I Miss the AEP Deadline?

Missing the AEP deadline can be a big deal, especially if your current plan no longer meets your needs. If you don’t make any changes by December 7th, your current plan will automatically renew for the next year starting January 1, and you won’t be able to make changes until the Open (General) Enrollment Period.

If this all seems overwhelming, I understand and you’re not alone. Medicare is complex, and AEP can feel like a lot to manage. That’s why I’m here to help. I can walk you through your options, compare plans, and make sure you’re fully covered for 2025.

Whether it’s understanding your benefits, finding a plan that fits your budget, or just making sure nothing slips through the cracks, we can work together to get it right.

Ready to review your plan? Contact me today to schedule a free, no-obligation Medicare review, and let’s make sure you’re set for the year ahead!

Until next time,

Brittany