medicare aep vs oep

AEP is the Annual Enrollment period, which runs yearly from October 15th to December 7th.

OEP is the Open Enrollment Period, which takes place every year from January 1st to March 31st.

AEP happens once a year in the fall. As stated above It begins on October 15th and ends December 7th. During that time, Medicare beneficiaries can make changes to their Medicare Advantage or Prescription Drug coverage (Part D).

During AEP you can:

  • 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

Any changes you make during AEP will go into effect on January 1st.

OEP is the enrollment period after AEP. It’s when Medicare beneficiaries enrolled in Medicare Advantage Plans or Prescription Drug Coverage can make changes to their coverage. OEP begins January 1st and ends March 31st.

During OEP you can:

  • Add a stand-alone Part D plan

  • Cancel a stand-alone PART D plan

  • Return to Original Medicare from a Medicare Advantage Plan

  • Switch from one Medicare Advantage Plan to a different one.

It’s important to note, you can enroll in a Medicare Supplement (Medigap) plan at any point during the year, but the insurer is only required to sell you a plan when you have guaranteed issue rights, typically during your Medicare Supplement Open Enrollment Period.

Medicare Supplement insurance does not follow the same set of rules that Medicare Advantage or Prescription Drug Plans need to follow.

The Medicare Supplement Open Enrollment Period happens just once, beginning in the month you are both age 65 or over and enroll in Medicare Part B. Your Medicare Supplement Open Enrollment Period lasts for six months, and during that time, you can generally buy any Medicare Supplement Plan sold in your state. You can’t be turned down because of a health issue, and you can’t be charged more because of a pre-existing condition.

For more information on Medicare and related topics visit our blog at lehighpartners.net


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