AEP (Annual Election Period)
Also known as the Open Enrollment Period for Medicare Advantage and Medicare prescription drug coverage. This is the period of time each year when you are able to make changes to your Medicare Advantage Plan and Medicare Prescription Drug Plan. This includes switching from a Medicare Advantage Plan back to Medicare Parts A and B. The AEP spans from Oct. 15 to Dec. 7, and any coverage purchased during this period is effective on Jan. 1 of the following year.
Michael purchased a Medicare Part D prescription drug plan on Nov. 21, which was within the Annual Election Period, and he looked forward to having this coverage on Jan. 1.