What does AEP stand for?

The term AEP stands for "Annual Election Period." This is a specific timeframe established by Medicare during which individuals can sign up for, switch, or drop Medicare Advantage and prescription drug plans. The Annual Election Period typically occurs each year from October 15 to December 7. During this period, beneficiaries have the opportunity to review their current health plan options and make changes, reflecting any changes in their healthcare needs or preferences for the upcoming year.

Understanding the concept of AEP is essential for navigating Medicare enrollment processes and ensuring that beneficiaries make informed decisions about their healthcare coverage. It emphasizes the importance of timely action to secure the right health plan, thereby providing access to necessary medical services and medications throughout the following year.