What Does December 7th Mean for Those on Medicare?

On this important date the Medicare Annual Election Period ends, marking the last day of the year to make changes for January 2024 coverage.

You have a little over 6 weeks to review plan options, beginning on October 15th and ending on December 7th.

Review Your Options

What can I do during the Medicare AEP?

During the Medicare Annual Enrollment Period (AEP), you have several options depending on your current Medicare coverage.

If you have Original Medicare (Parts A & B):

1 - Join a Medicare Advantage plan (Part C), which may include built-in drug coverage. If you don't have creditable drug coverage, a penalty might apply.
2 - Enroll in a stand-alone Medicare prescription drug plan (Part D). Again, a penalty may apply if you lack other creditable drug coverage.
3 - Choose to make no changes, in which case your current coverage will automatically renew.

If you have Original Medicare and a stand-alone Medicare prescription drug plan (Part D):

If your current setup includes Original Medicare along with a stand-alone Medicare prescription drug plan (Part D), AEP offers different avenues. You have the opportunity to switch to a Medicare Advantage plan, with or without drug coverage. There's also the flexibility to change your existing Medicare prescription drug plan. Another option is to drop your Medicare prescription drug coverage entirely, though this decision could lead to penalties if you decide to reinstate coverage later. If you're satisfied with your current plan, you can simply maintain it, and it will renew automatically.

If you have a Medicare Advantage plan (Part C) with built-in drug coverage:

Individuals enrolled in a Medicare Advantage plan (Part C) that includes drug coverage have their own set of choices during AEP. You can switch to another Medicare Advantage plan, either with or without drug coverage. If you prefer, you can return to Original Medicare. This change allows you to join a stand-alone Medicare prescription drug plan if you transition back to Original Medicare or switch to a Medicare Advantage plan lacking drug coverage. You also have the option to drop your drug coverage, though this might result in penalties if you wish to obtain drug coverage again later. Alternatively, you can stick with your current plan, which will renew on its own.

If you have a Medicare Advantage plan (Part C) and a stand-alone Medicare prescription drug plan (Part D):

For those who have a Medicare Advantage plan (Part C) in addition to a stand-alone Medicare prescription drug plan (Part D), AEP provides several options. You can change your current Medicare Advantage plan or switch your Medicare prescription drug plan. There's also the possibility to drop your Medicare Advantage plan and go back to Original Medicare. You might decide to discontinue your Medicare prescription drug coverage, but be mindful of potential penalties for future reinstatement. If these changes don't appeal to you, you can retain your existing coverage, which will automatically renew.

Review Your Options