The Medicare Annual Enrollment Period (AEP), also known as Open Enrollment, begins on October 15th each year. During this time, millions of Medicare beneficiaries have the opportunity to change their health plans and prescription drug coverage for the upcoming year. Medicare Advantage plans, which cover
around a third of the Medicare eligible population, can make changes to their costs, coverage, and network providers and pharmacies during this period. It is important to be aware that while some Medicare Advantage plans may have a zero cost and additional benefits, they may also have high deductibles that can lead to high out-of-pocket expenses. Additionally, 15 million individuals have chosen a Medicare Supplement insurance plan, also known as Medigap, which offers a variety of options with alphabet letter labels such as A, C, G, and N. Prices for these plans can vary widely, with the American Association for Medicare Supplement Insurance’s
2020 Medicare Insurance Price Index being a valuable resource for consumers to compare costs for nearly 100 leading cities across the U.S. To find the best plan options and costs, consumers can use the Medicare.gov website, as well as seek assistance from local insurance agents who specialize in helping seniors compare options and prices. It is important to act early during the AEP, which lasts only a few weeks and concludes on December 7th, as waiting could result in missing out on potential savings.