What happens during the Annual Election Period (AEP)?

During the Annual Election Period (AEP), which typically occurs from October 15 to December 7 each year, consumers are given the opportunity to switch their Medicare health plans and prescription drug plans. This includes the ability to enroll in a new Medicare Advantage plan, switch from a Medicare Advantage plan back to Original Medicare, or change their prescription drug coverage. This time frame is crucial for beneficiaries because it allows them to reassess their healthcare needs and make necessary adjustments to their coverage based on changes in health status, available plans, or financial considerations.

The other options mentioned do not accurately reflect what the AEP entails. While changing residence can affect Medicare coverage, the AEP itself is not specifically for that purpose. It does not focus solely on enrolling in Medicaid, nor does it cover applications for long-term care assistance. Thus, option B is the only choice that correctly identifies the scope and purpose of the Annual Election Period.