Medicare Annual Enrollment Period 2024: Key Dates and What You Need to Know for 2025 Coverage

The Medicare Annual Enrollment Period (AEP) is here, and if you are a Medicare beneficiary, now is the time to take action to ensure you have the best health coverage for the upcoming year. AEP runs from October 15 to December 7, 2024, and the decisions you make during this period will determine your Medicare coverage starting on January 1, 2025.

Whether you’re satisfied with your current plan or looking to explore new options, taking the right steps during AEP is essential. Let’s break down the key dates, what you need to know, and how to prepare for the 2025 plan year.

Key Dates to Remember for the 2024 AEP

• October 1, 2024: Medicare Advantage and Part D plans release their new details for the 2025 coverage year. You can start reviewing your plan options and decide if your current plan still meets your needs.
• October 15, 2024: The official start of the Annual Enrollment Period. This is when you can make changes to your current Medicare plan, whether it’s switching from Original Medicare to Medicare Advantage, changing Medicare Advantage plans, or updating your Part D prescription drug coverage.
• December 7, 2024: The deadline for making changes to your Medicare coverage for the 2025 plan year. If you don’t take action by this date, you may be locked into your current plan for the next year.

What You Can Do During the Annual Enrollment Period

During AEP, you have several options to ensure you have the best plan in place for 2025. Here are some changes you can make:

1. Switch from Original Medicare to a Medicare Advantage Plan.
2. Change from one Medicare Advantage plan to another.
3. Join, switch, or drop a Part D Prescription Drug Plan.
4. Return to Original Medicare “if you are currently enrolled in Medicare Advantage”.

Preparing for 2025 Coverage: What to Consider

Choosing the right coverage can feel overwhelming, but taking a few steps before the AEP deadline can help you feel confident in your decision. Here are some important considerations:

• Review Your Health Needs: Have you been diagnosed with new conditions this year, or are you taking new prescription medications? Make sure your current plan offers the right coverage for your needs. Reviewing your medical and prescription needs now will ensure your 2025 plan works best for you.
• Assess Your Current Plan’s Performance: Look at your current Medicare plan and consider what worked and what didn’t. Have you had difficulty finding in-network doctors? Were your prescription drug costs higher than expected? Answering these questions will guide your decisions about changing plans.
• Check for 2025 Plan Changes: Medicare Advantage and Part D plans can change their premiums, co-pays, deductibles, provider networks, and covered services each year. Even if you’re happy with your plan in 2024, make sure to check if there are any significant changes coming for 2025 that could affect your costs or access to healthcare services.

Why Act Now?

It’s important to make the necessary changes to your Medicare plan during AEP. Missing the December 7th deadline can leave you locked into a plan that may not work for you in 2025. The best time to act is early in the AEP to avoid the rush and ensure you get the coverage you need.

At Fika Insurance Group, we’re here to help you navigate your Medicare options and make the best decision for your healthcare in 2025. Our team of experienced agents can help you compare plans, understand your choices, and make confident decisions about your coverage.

Need Help Reviewing Your Medicare Options?

Don’t wait until it’s too late! If you need assistance reviewing your Medicare Advantage or Part D options, our experts are here to help you find the best coverage. Give us a call today or book an appointment to speak with one of our friendly agents. We are committed to making the Medicare enrollment process easy and stress-free.