OEP vs. AEP: What’s the Difference?

Medicare’s Annual Enrollment Period and Open Enrollment Period are often used interchangeably. And in a way, the changes you can make during these time windows involve the same actions – joining, switching, or dropping. All of these enrollment periods also require having Original Medicare (Part A and Part B) before being able to make changes. But their differences lie in the types of Medicare plans you can make adjustments to, when these enrollment periods take place, and what the adjustments are.

What Are the Medicare Plans I Can Make Changes to?

In the Medicare Annual Enrollment Period, you can make changes to your Original Medicare plan, Medicare Advantage plan, or your Part D plan.

There are two types of Open Enrollment Periods – one for Medicare Advantage, and the other for Medigap.

The Medicare Advantage Open Enrollment Period allows you to make changes to your Medicare Advantage plan. You are only permitted to make one change during this time.

As for the Medigap Open Enrollment Period, it exclusively deals with Medicare Supplement plans.

When Do These Enrollment Periods Take Place?

These are the time windows for when the enrollment periods take place:

• Annual Enrollment – October 15 to December 7
• Medicare Advantage Open Enrollment – January 1 to March 31
• Medigap Open Enrollment – Within six months of signing up for Medicare Part B

What Changes Can I Make?

The Medicare Annual Enrollment Period allows you to:

• Drop Original Medicare and join Medicare Advantage
• Drop Medicare Advantage and go back to Original Medicare
• Switch from one Medicare Advantage plan to another
• Drop a Part D plan and join a Medicare Advantage plan with drug coverage
• Switch from one Part D plan to another

The Medicare Advantage Open Enrollment allows you to:

• Switch from one Medicare Advantage plan to another
• Drop Medicare Advantage and go back to Original Medicare, and/or join a Part D plan
• Drop a Medicare Advantage drug plan and get a stand-alone Part D plan

Medigap Open Enrollment allows you to:

• Join a Medigap plan
• Switch from one Medigap plan to another

Medicare Ted Can Help You Through Enrollment!

Medicare Ted is here to help you take advantage of AEP so that you can have coverage that aligns with your needs and budget. Don’t hesitate to get some help from a licensed agent — call today.