AEP 2020 is Here. Here’s What You Need to Know.

2020 is coming to a close, and there are just a few more milestones before the year ends. For seniors, one of those is Medicare’s Annual Enrollment Period (AEP). This is a critical time of year for all beneficiaries enrolled in Medicare. But if you don’t know why AEP is important, you’re not alone.

Today, we’ll walk through AEP 2020 with Mrs. Jones. You’ll learn first-hand what AEP is and how it affects you.

What is AEP 2020?

Mrs. Jones is already enrolled in a Medicare plan. A few weeks ago, she received a letter from her provider reminding her of the upcoming AEP that occurs annually from October 15th to December 7th.

She might love the plan she has, she might not. Either way, as a current Medicare beneficiary, Mrs. Jones can make certain changes to her plan during AEP. Here’s what she can do:

Change from Original Medicare to a Medicare Advantage Plan
Return to Original Medicare from a Medicare Advantage Plan
Switch from one Medicare Advantage Plan to another
Add a Part D plan
Cancel a Part D plan
Switch from one Part D plan to another

Mrs. Jones can make any combination of these changes to improve her coverage and enroll in a plan better suited to her needs.

Please note: Not every Medicare Advantage Plan includes prescription drug coverage by default. If you’re a current beneficiary in need of prescription drug coverage, consult with your Medicare insurance professional to make sure the plan you select will cover all your health and prescription drug needs.

Is AEP mandatory?

Absolutely not! If Mrs. Jones likes her coverage and believes she has a plan well-suited to meet her needs, she doesn’t have to do anything. She isn’t required to make any changes to her coverage during AEP if she’s satisfied with her plan.

But if Mrs. Jones isn’t happy with her current Medicare selections, AEP is the time to make adjustments. Changes must be made by December 7, 2020. The changes will go into effect on January 1, 2021.

What if you miss AEP?

Not to worry! The pandemic has made meetings more difficult, and Mrs. Jones has been struggling to get an appointment with her coverage specialist before December 7, 2020.

If you want to make a change, but aren’t able to do so by the deadline, the Open Enrollment Period (OEP) is your next best bet. OEP occurs annually and will next take place January 1 to March 31, 2021. During OEP, you can make many of the same changes as AEP and enroll in a plan to protect your health.

Understanding AEP is key to unlocking your ideal insurance coverage. Consult with your Medicare professional and check out the resources on Medicare’s official website to learn more about the enrollment periods and how they affect your coverage.

If you have questions and need to talk to someone who can help, call (877) 255-6273 or visit our website to learn more about AEP. You’ll speak with a knowledgeable member of our team who will help you enroll in a Medicare insurance plan to meet your needs.

image credit: shutterstock/4 PM production

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Pete Blasi

President/CEO at My Senior Health Plan

Pete Blasi, the driving force behind My Senior Health Plan and the prestigious Financial Grade Senior Consultants, has been at the helm of both since their inception in 2005. Under his leadership, these well-known and respected organizations have thrived to become renowned full-service Medicare consulting and brokerage firms with a nationwide presence.