How To Prepare for Medicare Annual Election Period 2025

The Medicare Annual Election Period (AEP) for 2025 runs from October 15 to December 7, 2024, giving beneficiaries the opportunity to make changes to their Medicare coverage for the following year. 

There are many reasons why someone might want to change their Medicare plan during the Annual Election Period. These reason include:

• Plan changes: A plan's benefits or coverage may be changing, or the plan may be dropping a medication 

• Cost: The monthly premium may be increasing, or the plan may no longer be the most affordable option 

• Health needs: Health needs may have changed, or a new prescription medication may require a different plan 

• Provider changes: A doctor or hospital may no longer be in the network, or preferred providers may no longer accept the plan 

• Coverage: A plan may not cover dental, hearing, or vision care, or may not include prescription drugs 

• New benefits: A new benefit, such as a fitness membership, may be desired 

• Coverage options: A Medicare supplement plan may offer more comprehensive coverage 

Individuals can change their plan by working with their insurance provider, an insurance agent, or by contacting Medicare.

Here's how Medicare In A Snap recommends you prepare:

 Review Your Current Coverage

1. Check your Annual Notice of Change (ANOC) letter, which you should receive in September. This document outlines any changes to your current plan for the upcoming year.

2. Evaluate if your current plan still meets your needs, considering factors like:

• Premium changes

• Prescription drug coverage updates

• Network changes (doctors and pharmacies)

• Any new health conditions or medications

Update Your Information

Create or log into your MyMedicare.gov account to access your personal Medicare information.

Update your list of current medications and preferred pharmacies on Medicare.gov. This will help you compare plans more effectively when the new 2025 options are released on October 1st

Explore Your Options

1. Starting October 1st, use the Medicare Plan Finder tool on Medicare.gov to compare 2025 Medicare Advantage and Part D plans. Medicare In A Snap will sit down and do this evaluation with you.

2. Consider factors such as:

• Monthly premiums

• Deductibles

• Co-pays and co-insurance

• Drug formularies

• Provider networks

• Additional benefits offered by Medicare Advantage plans

 Be Aware of New Changes

1.     In 2025, your yearly out-of-pocket drug costs will be capped at $2,000 if you have Medicare drug coverage (Part D).

2.     Starting in 2025, you'll have the option to spread your drug costs across monthly payments throughout the year.

 Remember, you don't have to re-enroll in Medicare every year, but reviewing your coverage annually can help ensure you have the most suitable plan for your needs. If you decide to make changes, your new coverage will begin on January 1, 2025

Frequently Asked AEP Questions

Can You Change Your Medigap Plan During the AEP?

You have the freedom to switch your Medigap plan whenever you want, even during the Annual Enrollment Period (AEP). Just remember, if you do this outside the Medigap initial signup period, you might have to go through health checks, possibly pay more, or risk not getting coverage.

Do you have to enroll each year for Medicare?

No, you usually don't have to sign up for Medicare each year; your plan renews by itself. The yearly sign-up time is just for changing your Medicare Advantage (Part C) or prescription drug (Part D) plans.

What is the deadline for Medicare enrollment?

The deadline for Medicare's Annual Enrollment Period (AEP) is December 7. The AEP runs from October 15 to December 7 each year, and new coverage choices take effect on January 1. 

Do you have to renew your Medicare supplement every year?

No, Medicare Supplement Insurance (Medigap) plans are guaranteed renewable each year as long as premiums are paid on time. 

Are there any penalties if I fail to do anything during the Annual Enrollment period?

Certainly not. The Medicare Annual Enrollment Period (AEP) gives you the flexibility to switch plans for your benefit. If you take no action, your existing plan will simply roll over.

Can you Switch from Medigap to Medicare Advantage during AEP?

You can switch from Medigap to Medicare Advantage during the Annual Enrollment Period (AEP). It's advisable to contact Medicare In A Snap for personalized guidance on switching plans, as the process can be complex and timing is crucial to avoid gaps in coverage or higher costs.

Can you Switch from Medicare Advantage to Medigap during AEP?

Switching from Medicare Advantage to Original Medicare with a Medigap plan is possible, but there are important factors to consider. It's advisable to contact Medicare In A Snap for personalized guidance on switching plans, as the process can be complex and timing is crucial to avoid gaps in coverage or higher costs.

Maximize Your Choices During the 2025 Medicare Annual Election Period!

Confused by Medicare choices? Snap out of it with Medicare In A Snap! We're fluent in Medicare lingo and ready to guide you through your options effortlessly. Let's simplify your Medicare journey today!

Call or contact us today!