Today marks the first day of the Annual Election Period. What, you may ask, is the Annual Election Period? The Annual Election Period, or AEP, is a window of time during which you can change the way in which you receive your Medicare benefits and in which you can add or drop prescription drug coverage. Here are some quick pieces of info.
- Begins. The AEP begins on October 15th of each year.
- Ends. The AEP ends on December 7th of each year.
- Effective Date. Any changes made during the AEP will be effective January 1st of the following year.
- Medicare Advantage. During the AEP you can change from Original Medicare to a Medicare Advantage plan (or vice versa), or you may change from one Medicare Advantage plan to another.
- Prescription Drug. During the AEP you can add, drop, or change prescription drug coverage.
- Applications. If you apply for a prescription drug plan or Medicare Advantage plan and decide that you would like another plan, you may make another selection. In fact, there is no limit to the number of applications you can submit during the AEP. If you do submit more than one application, the last one submitted is the one that sticks.
- Medicare Supplements. The AEP does NOT effect Medicare Supplements at all! A Medicare Supplement does NOT have to renewed each year, nor will it change from year to year. If you have a Medicare Supplement, October 15th is just another day in October.
- Marketing. The above explains why you may have noticed a sudden up-tick in the amount of marketing material you've been receiving lately :) Not to worry. If you have any questions about making a change to your Medicare Advantage or prescription drug coverage, please feel free to call (800-817-9223) or drop us an email (info@tweedyinsurancegroup.com) anytime.
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