Medicare Annual Election Period

Key Points

  • The Fall Open Enrollment Period runs from October 15 to December 7 each year.

  • During this time, you can enroll in, switch, or disenroll from a Medicare Advantage or Part D prescription drug plan for the upcoming year, as these plans often change annually.

  • However, it’s important to understand that this period does not apply to Medigap (Medicare Supplement) enrollment. You cannot enroll in a Medigap plan during this time without going through medical underwriting, unless you qualify for a guaranteed issue right.

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Medicare Fall Open Enrollment for 2024 is officially underway—and with it comes a flood of mailers, commercials, and advertisements that can quickly become overwhelming. The period from October 15 to December 7 is often referred to as the most confusing time of year for Medicare beneficiaries.

This guide has been updated to help you confidently navigate the 2024 Medicare Fall Open Enrollment Period. Despite the non-stop ads on TV and radio, many people are left unsure of what actions—if any—they need to take. All that marketing can create unnecessary stress and leave you wondering if you’re missing something important.

No need to worry—this post will explain the true purpose of the Fall Open Enrollment and help you understand what you should (and shouldn’t) do during this time.

Our agency helped countless beneficiaries through this process last year, and we’re here to do the same for you. To simplify things further, we’ve created a step-by-step checklist you can use to stay on track. You can download it here before diving into the details.

What is the Medicare Annual Election Period?

Also known as the Fall Open Enrollment Period, the Medicare Fall Open Enrollment was introduced in 2006 alongside the launch of Medicare Part D. This 8-week window, held each year from October 15 to December 7, gives Medicare beneficiaries the opportunity to enroll in, switch, or disenroll from Medicare Advantage and/or Part D prescription drug plans.

The purpose of this enrollment period stems from the fact that Medicare Advantage and Part D plans must refile their benefits with Medicare annually. As a result, plan benefits, premiums, and drug formularies may change from year to year. To ensure beneficiaries can respond to these changes, Medicare offers an annual election period for individuals to evaluate and update their coverage if needed.

In short, because Part D and Medicare Advantage plans can change each year, this period allows beneficiaries to adjust their coverage accordingly. If you’re satisfied with your current plan, you’re not required to make changes—but it’s strongly recommended to review your plan’s updates each September to ensure it still meets your needs.

How can I determine if adjustments are necessary for my plan?

Each September, your Medicare Advantage or Part D plan provider will send you a document called the Annual Notice of Change (ANOC). Take 15 minutes to review it carefully—it outlines any updates to your plan for the upcoming year, including changes to premiums, copays, drug formularies, and pharmacy networks.

The ANOC presents a side-by-side comparison of your plan’s benefits from 2023 to 2024, making it easy to identify and understand what’s changing in your coverage.

What Modifications Can I Make in the Medicare Open Enrollment 2025?

Your options for adjustments during the Medicare OEP are as follows:

1. Maintain your current Medicare coverage, and it will automatically renew in 2025.

2. Enroll in, disenroll from, or modify your Medicare Part D drug plan.

3. Transition from Traditional Medicare to a Medicare Advantage plan.

4. Shift from a Medicare Advantage plan back to Traditional Medicare.

5. Change from one Medicare Advantage Plan to another.

Note that Part D drug plans don't involve health questions, allowing you to switch to any other plan if you have Medicare A and/or B and reside in the plan's service area. Medicare Advantage plans typically have only one health question regarding End Stage Renal Disease, making it relatively straightforward to enroll in or change your Medicare Advantage plan, provided you don't have this specific health condition.

Valid Reasons for Modifying Your Plan

Reasons to Consider Changing Your Part D or Medicare Advantage Plan for 2025:

1. A critical medication will no longer be covered.

Review your Annual Notice of Change to see if any of your essential prescriptions have been removed from the drug formulary or moved to a higher cost tier. This could significantly impact your out-of-pocket expenses.

2. Your doctor is leaving the plan’s network.

Unlike Medigap, Medicare Advantage plans have provider networks. If your doctor is no longer in-network, the Open Enrollment Period (OEP) gives you the chance to switch to a plan that still includes your provider.

3. Your premium is increasing significantly.

While modest premium increases are common, a substantial hike may warrant a switch. Compare other available plans to see if a more cost-effective option meets your needs.

If you’re satisfied with your current coverage and there are minimal or no changes, there’s no need to switch. Just be sure to review your Annual Notice of Change, and reach out to your agent if you’re considering an update to your plan.

Modifications to Medicare Advantage for 2025

The Bipartisan Budget Act of 2018 brought significant updates to Medicare Advantage plans. While Original Medicare does not cover supplemental home health services, Medicare Advantage plans are now permitted to include these additional benefits.

As you explore your options, you may notice that many Medicare Advantage plans now offer expanded supplemental benefits, such as:

• In-home personal support services

• Transportation to and from medical appointments

• Adult day care services

• Telehealth visits

• Over-the-counter allowances

• Meal delivery programs

In addition, important changes are coming to Part D prescription drug coverage. Beginning in 2024, the 5% coinsurance that beneficiaries previously paid after entering the catastrophic coverage phase (after the Donut Hole) will be eliminated.

This means that once you move past the Donut Hole in 2024, you’ll have no additional out-of-pocket costs for covered prescription drugs for the remainder of the year.

Your Part B Premium May Change

Each year, the federal government may adjust your Medicare Part B premium, often in connection with the Cost of Living Adjustment (COLA) tied to Social Security benefits. When Medicare Part B was introduced in 1965, new enrollees paid just $3 per month. As of 2025, the standard premium for new enrollees is $185.00 per month, though this amount may vary—and often increases annually.

Higher-income beneficiaries may pay more based on their modified adjusted gross income (MAGI). For 2024:

• Individuals earning over $103,000

• Married couples earning over $206,000

…will face income-related monthly adjustment amounts (IRMAA). Those in the highest income bracket—earning more than $500,000 individually or $750,000 jointly—will pay $594.00 per month for Part B.

These figures typically change each year and are announced near the end of the calendar year. Around December or January, Social Security will mail you a notice detailing your Part B premium for the upcoming year, based on your tax return from two years prior.

Staying informed about these updates ensures you’re prepared for any changes to your healthcare costs.

What is the Annual Notice of Change?

The Medicare Annual Notice of Change (ANOC) is a mailed document that outlines the modifications made to your Medicare Plan for the upcoming year. It details changes such as variations in monthly premiums, charges (copays, deductibles, etc.), service area, and drug formulary.

It's crucial to note that you will receive this document annually, as virtually all plans undergo some form of change to align with adjustments in Medicare deductibles, copays, and coinsurance for Original Medicare and Part D.

​ Beneficiaries with Medicare Advantage or stand-alone Part D drug plans receive the ANOC each September, while those with only a Medigap plan do not, as Medigap plans generally remain consistent from year to year.

When do modifications to Medicare plans take effect?

If your Medicare plan makes changes to its benefits, premiums, copays, provider network, or other features, those updates will take effect on January 1st of the upcoming year. You’ll receive a notice in September, giving you ample time to review the changes.

If you’re not satisfied with the updates, you can use the Medicare Fall Open Enrollment Period (October 15 to December 7) to switch to a different plan—with your new coverage starting January 1st.

When Will I get my Medicare ANOC?

According to Medicare’s official guidelines, you should receive your Annual Notice of Change (ANOC) each year in September, and no later than September 30th. This document is sent by your current plan to the mailing address Medicare has on file.

If you’ve recently moved, it’s important to update your address with Medicare promptly to ensure your ANOC is delivered correctly and not lost in the mail.

What Should I Do With My ANOC?

Once you receive your Annual Notice of Change (ANOC), it’s important to review it carefully. Make sure you can manage any cost changes and that you still reside within the plan’s service area.

One of the most critical areas to examine is your prescription drug coverage. Check whether any of your medications have been removed from the formulary or moved to a different tier, which could increase your copays. Many beneficiaries overlook this step—only to find out in January that a high-cost brand-name medication is no longer covered.

Here are key questions to consider when reviewing your ANOC:

For Medication Coverage:

1. Will your essential prescriptions still be covered next year?

2. Are there new restrictions, such as quantity limits or prior authorizations?

3. What are the costs for both generic and brand-name medications?

4. Has the plan’s monthly premium changed?

5. Has the Part D deductible increased?

For Medicare Advantage Plans:

1. Will your doctors and hospitals remain in the network next year?

2. Will you need referrals from your primary care physician to see specialists?

3. Has the plan’s out-of-pocket maximum changed?

4. In the event of a major illness, can you afford the maximum out-of-pocket costs?

5. What are the copays for key services, and are they manageable?

6. Does the plan have a medical deductible and/or a drug deductible?

Reviewing these details now helps you avoid unexpected costs or coverage issues in the coming year.

What If I am Unhappy With the Changes to My Plan?

If you’re unhappy with the changes to your Medicare plan, you have the option to switch plans. The Annual Notice of Change (ANOC) is sent each September specifically to give you time to make adjustments during the Annual Election Period (AEP).

You can visit Medicare’s official website to view a full list of Medicare Advantage and Part D plans available in your county for the upcoming year.

If you’d like help navigating your options, the team at Tessa Crider Insurance is here to assist. Our licensed Medicare experts can provide a comprehensive review of your plan choices, and our guidance is completely free.

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