The Medicare Annual Election Period (AEP) is coming to a close, and if you haven’t reviewed your coverage yet, now is the time. AEP runs every year from October 15 through December 7, and it’s the only time most Medicare beneficiaries can make important changes to their coverage for the upcoming year.
As the deadline approaches, many Medicare recipients feel rushed, overwhelmed, or unsure where to start—but not taking action could mean missing out on better benefits, lower premiums, or more cost-effective prescription plans.
This article explains what’s at stake, why reviewing your coverage matters, and what you can still do before AEP ends.
What Is Medicare AEP?
The Annual Election Period allows Medicare beneficiaries to make changes to their coverage, such as:
Switching Medicare Advantage plans
Moving from Original Medicare to a Medicare Advantage plan
Switching from Medicare Advantage back to Original Medicare
Changing or enrolling in a Part D prescription drug plan
Once the period ends on December 7, most individuals won’t have another chance to change plans until next year—unless they qualify for a Special Enrollment Period (SEP).
Why Reviewing Your Plan Before AEP Ends Matters
Many people keep the same plan year after year, assuming it will work just as well the next year. But Medicare plans change annually, including:
Monthly premiums
Deductibles and out-of-pocket costs
Prescription drug formularies
Provider networks
Extra benefits and plan perks
If you don’t compare plans before AEP ends, you could face higher costs—or miss out on better benefits.
Benefits of Taking Action Before the Deadline
✔️ Save Money
Switching plans could mean lower monthly premiums, copays, or prescription drug costs. Many beneficiaries save hundreds (or even thousands) each year simply by reviewing their options.
✔️ Improve Prescription Drug Coverage
Formularies change every year. A medication you take today may cost more in 2025—or no longer be fully covered. Reviewing plan changes now can prevent surprise pharmacy bills later.
✔️ Access More Benefits
Some Medicare Advantage plans include valuable extras like:
Dental
Vision
Hearing
Transportation
Fitness benefits
Over-the-counter allowances
If you haven’t looked recently, you might be missing out.
✔️ Make Sure Your Doctors Are Still In-Network
Insurance networks shift each year. Checking now ensures your preferred doctors, specialists, and hospitals still participate in your plan.
What Happens If You Miss the AEP Deadline?
If you don’t make changes by December 7:
Your current plan typically renews automatically
You may be locked into your coverage until next AEP
You may not be able to switch plans unless you qualify for a Special Enrollment Period
The Open Enrollment Period (OEP), from January 1 to March 31, only allows limited changes for those already in Medicare Advantage—and does not apply to Part D plans.
You Don’t Have to Figure It Out Alone
Choosing a Medicare plan can be overwhelming—especially with so many options, rules, and deadlines. Working with a licensed Medicare advisor can help you:
Compare plans
Evaluate benefits
Lower your total costs
Avoid penalties
Make confident decisions
And best of all…it costs you nothing.
Final Reminder
The Medicare AEP deadline is December 7—and once it’s gone, it’s gone.
Taking a few minutes now could save money, improve your coverage, and protect you from unexpected medical costs in the year ahead.
If you haven’t reviewed your Medicare plan yet, now is the best time to do it.