If you want to update your Medicare insurance plan, the Annual Enrollment Period (AEP) is the right time to do so. Although you cannot change your coverage during the fall enrollment period, it gives you huge flexibility with changes you can make.
With the Medicare AEP 2022 just around the corner, this guide will explain all important dates, guidelines, and more.
When does the Medicare AEP 2022 begin?
The Medicare AEP 2022 will start on October 15 and end on December 7. During this time period, you can take the following actions:
Sign up for a Medicare plan
Switch a plan from Original Medicare to a Medicare Advantage plan
Switch a plan from Medicare Advantage to Original Medicare
Get a different Medicare prescription drug plan
Get a different Medicare Advantage plan
All the changes you make during this period will take effect on January 1, 2023. After December 7, you will not be able to make new changes to your Medicare coverage for 2023.
Key Medicare AEP Dates
October 15 – December 7, 2022: Medicare time period
January 1, 2023: When changes will come into effect
January 1 to March 31, 2023: If you’re yet to enroll in Original Medicare, you'll have to wait for the General Enrollment Period. During this time, you can get in Part A and/or Part B as per your eligibility.
July 1, 2023: Your coverage for Original Medicare during the General Enrollment Period will start on July 1, 2022.
If your age is 65 or you're about to turn 65 and have amyotrophic lateral sclerosis, end-stage renal disease, or you qualify for disability, you can enroll in Medicare. For eligibility, you need to be a US citizen or legal, permanent resident of the country for a minimum of five years.
To obtain Medicare coverage, you must remember the deadline of the AEP. If you've any doubts, you can speak to leading primary care providers who can help you determine your eligibility for Medicare OEP.
What happens if you do nothing for Medicare open enrollment?
If you’re satisfied and happy with your current insurance coverage under Medicare, you don’t have to do anything during the Medicare AEP. As a result, your coverage under traditional Medicare continues next year.
Do you have to enroll every year for Medicare?
Generally, once you’re enrolled, you don’t have to do anything to renew your coverage annually. This applies to all plans - Original Medicare, a Medicare Advantage plan, or a Medicare prescription drug plan.
Can I switch from a Medicare Advantage plan back to Original Medicare?
Yes. You can switch from the Medicare Advantage plan to traditional Medicare during the Medicare OEP.