Medicare AEP vs. OEP: Know Your Enrollment Periods

• by Christian Worstell
• January 12, 2024
• Reviewed by John Krahnert

What is AEP for Medicare?

AEP Open Enrollment is a specific time of year that you can make changes to your Medicare Advantage (Part C) or Medicare prescription drug (Part D) plan. Changes made during AEP take effect on January 1st of the following year.

The Medicare Annual Enrollment Period lasts from October 15 to December 7 every year.

“Medicare OEP” could refer to the Medicare Advantage Open Enrollment Period. This is a new, different enrollment period that takes place every year from January 1 to March 31.

It is very important to understand the differences between these two enrollment periods and how they affect your Medicare coverage. Learn about how and when you can add, change or drop your Medicare Advantage plan or Prescription Drug plan.

During the Medicare AEP, you can make certain specific changes to your Medicare Advantage (Part C) or Medicare prescription drug (Part D) plan. Changes you make during AEP will take effect on January 1 of the following year.

During AEP, you can make some of the following Medicare coverage changes:

• Disenroll from a Medicare Advantage plan and return to Original Medicare (Part A and Part B)
  
  
• Switch from Original Medicare and enroll in a Medicare Advantage plan
  
  
• Disenroll from your current Medicare Advantage plan and switch to a different Medicare Advantage plan
  
  
• Disenroll from a Medicare prescription drug plan
  
  
• Enroll in a Medicare prescription drug plan
  
  
• Switch from one Medicare prescription drug plan to another Medicare drug plan

The Medicare AEP gives you an opportunity to make changes to your Medicare plan coverage according to your changing budget or health coverage needs.

If your current plan makes changes to its costs, benefits structure, or other features, AEP gives you the opportunity to change to a plan that better suits your needs.

You can compare Part D plans available where you live and enroll in a Medicare prescription drug plan online in as little as 10 minutes when you visit MyRxPlans.com.¹

What is OEP for Medicare?

OEP refers to the Medicare Advantage Open Enrollment Period and pertains only to those who are actively enrolled in a Medicare Advantage plan. The Medicare OEP lasts from January 1 to March 31 every year.

During OEP, you can make certain changes to your Medicare Advantage plan coverage. Any changes you make to your plan will take effect on the first day of the following month after your current plan processed your requested change.

During the Medicare Advantage OEP, you can make the following changes:

• Switch from one Medicare Advantage plan to another
• Disenroll from your current Medicare Advantage and return to Original Medicare
• If you return to Original Medicare during OEP, you’ll also be able to join a Medicare Part D drug plan

Changes made during OEP will take effect on the first day of the following month. Beneficiaries can only make one change during OEP. Once a change has been made during OEP, it cannot be changed again until the next AEP.

In 2019, Medicare OEP replaced what was previously the Medicare Advantage Disenrollment Period.

What is an Annual Notice of Change (ANOC)?

Every year in September, you should receive an Annual Notice of Change (ANOC) in the mail from your Medicare Advantage plan or Medicare Prescription Drug plan provider. This letter outlines any upcoming changes to the plan for the following year, such as:

• Costs
• Benefits
• Service area adjustments
• Provider network changes

Be sure to take the time to review your plan ANOC and make sure that your Medicare plan still fits with your coverage and budget needs for the coming year.

If anything is changing in your plan and you want to see what else is offered in your area, the Medicare AEP is your opportunity to find a Medicare plan option that works better for you.

What is the Annual Election Period?

The Medicare AEP is sometimes also called by several other names, such as the Annual Election Period or the Open Enrollment Period for Medicare Advantage and Medicare prescription drug coverage. It is also sometimes called the Medicare Fall Open Enrollment Period.

It’s understandable why there can be some confusion between these two enrollment periods.

Our helpful Medicare Enrollment Guide can help walk you through the enrollment process. 

Do I have to enroll in Medicare every year?

You aren’t required to make changes to your Medicare coverage every year. It’s a good idea, however, to review your plan each year to determine whether or not your plan still meets your needs.

In any given year, you may find that another Medicare plan in your area offers provider networks that better fit your needs, lower costs, a broader range of coverage or other features that make the plan a better fit for you.

Whether it’s AEP, OEP or any of the other Medicare enrollment periods, it helps to have a licensed insurance agent help guide you through the Medicare enrollment process. 

About the author

Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.

Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.

Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.

Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.

A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.

If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.

 

 

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