Every fall, millions of Medicare beneficiaries have an opportunity to review their health and prescription drug coverage during the Medicare Annual Enrollment Period (AEP). If you’re currently enrolled in Medicare Advantage or a Medicare prescription drug plan, AEP is an important time to make sure your coverage still fits your health needs, budget, and lifestyle.
For 2026, Medicare’s Annual Enrollment Period runs from October 15 through December 7. Any changes you make during this period generally take effect January 1, 2027.
You May Receive a Lot of Information
As AEP approaches, you may receive letters, emails, advertisements, phone calls, and other communications about Medicare plans. Your current Medicare plan will also send you an Annual Notice of Change (ANOC) in September.
The ANOC explains changes to your plan’s costs, benefits, coverage, and other important details that will take effect in January.
You Can Change Your Medicare Coverage
During AEP, you have several options. Depending on your current coverage, you may be able to:
- Join, drop, or switch to another Medicare Advantage plan.
- Add or drop prescription drug coverage associated with a Medicare Advantage plan.
- Switch from Original Medicare to Medicare Advantage.
- If you submit a change during AEP, the new coverage generally begins January 1 of the following year, provided the plan receives your enrollment request by December 7.
Your Current Plan May Change
One of the biggest reasons to review your coverage each year is that Medicare Advantage and Part D plans can change from year to year.
Your plan may change its:
- Monthly premium
- Deductible
- Copayments or coinsurance
- Prescription drug formulary
- Pharmacy network
- Doctor or hospital network
- Benefits and services
- Out-of-pocket costs
Medicare notes that plans can change their premiums, deductibles, and cost-sharing amounts each year, so a plan that worked well for you this year may not necessarily be the best choice next year.
But what to do during AEP? A Simple AEP Checklist for Medicare Advantage, Part D Prescription Drug and Medicare Supplement Plans.
Starting October 1st, you should review the following:
- Doctors: Are your preferred doctors still participating?
- Hospitals: Are the hospitals you use in network?
- Prescriptions: Are all your medications covered?
- Pharmacies: Is your preferred pharmacy in network?
- Premiums: What will you pay each month?
- Deductibles: What deductibles will apply?
- Copays: What will you pay when you see a doctor or fill a prescription?
- Maximum out-of-pocket costs: What is your potential exposure if you need significant medical care?
- Benefits: Are dental, vision, hearing, transportation, or other benefits important to you?
- Travel: Will the plan work for you if you spend time outside your local area?
- Changes: What has changed in your current plan for the upcoming year?
AEP does not mean you have to switch your Medicare plan If you have reviewed your current coverage and it still meets your needs and budget, you may decide to keep it. The important thing is to review your coverage rather than automatically assume that your current plan will remain the best option.
Be Careful With Medicare Marketing
During AEP, you’ll likely see more Medicare advertising than usual. You may encounter television commercials, mailers, online advertisements, seminars, and phone calls from people offering to discuss Medicare plans. Be cautious about unsolicited calls and pressure sales tactics. You don’t have to make an immediate decision simply because someone contacts you. You can call me if you have any questions regarding any of these subjects.
Don’t Wait Until the Last Week
AEP can become extremely busy as December 7 approaches. Giving yourself plenty of time to review your options can make the process much less stressful. A good approach is to start reviewing your September Annual Notice of Change that your current carrier will send you. Also, review your medication list and preferred providers while making sure your current plan is still meeting your needs and please, make your decision before the calendar turns to December. It seems to happen sooner every single year.
I look forward to hearing from you about this AEP and Happy Holidays!
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