Annual Election Period (AEP)
Annual Election Period (AEP): the time when you review and can change Part C or D coverage; it runs from October 15 – December 7 each year and coverage begins on the first day of the following year.
We always say “it pays to compare” your drug plans every year. Typically, 2/3 of the people who come to see us during AEP find that they benefit by changing plans to a policy that provides better coverage at better prices for the upcoming year. Plans change their formularies (what drugs they cover and at what rates they cover them) every year, and your list of medications can change from year to year. Those who switched plans when they worked with Senior PharmAssist in fall of 2015 saved an average of $777 on projected pharmacy expenses for 2016.
If you qualify for ‘extra help’ through a federal program that lowers your drug costs, you can change your Medicare drug coverage at any time. There are other special circumstances when you can change your drug plan outside of the Annual Election Period, click here for information about the Special Enrollment Period.