Medicare Open Enrollment 2025 Guide
Everything you need to know about the Annual Election Period (AEP), including opportunities to change coverage, eligibility details, and enrollment deadlines.
What is Medicare Open Enrollment?
Medicare Open Enrollment, also known as the Annual Election Period (AEP) or Annual Coordinated Election Period, occurs every fall. During this time, Medicare beneficiaries have the opportunity to review and change their coverage, whether it’s Original Medicare with prescription drug plans or Medicare Advantage. It’s a critical time to ensure your coverage meets your health and financial needs for the upcoming year.
When is Medicare Open Enrollment?
The 2025 Medicare Open Enrollment period runs from October 15 to December 7, 2024. This period provides a limited window for making changes to your Medicare coverage, with most changes taking effect on January 1, 2025. In some cases, individuals affected by emergencies (such as FEMA-declared disasters) may receive an extended enrollment period.
What Changes Can You Make During Medicare Open Enrollment?
During this enrollment period, if you're already enrolled in Medicare, you can:
Switch from Original Medicare to a Medicare Advantage plan.
Switch from Medicare Advantage back to Original Medicare and add a Medicare Part D plan, or a Medigap plan (note that Medigap may require medical underwriting).
Switch from one Medicare Advantage plan to another.
Change your Medicare Part D prescription drug plan.
Can I Change My Mind After Enrolling?
Yes! You can make multiple changes during the AEP. However, only the last change made before the December 7 deadline will take effect on January 1.
What If I Make a Mistake?
If you make an error or choose a plan that isn’t the best fit, you can change your Medicare Advantage plan or return to Original Medicare during the Medicare Advantage Open Enrollment Period (MAOEP) from January 1 to March 31, 2025. This option, however, only applies to Medicare Advantage plans. For standalone Part D plans, changes are restricted to the AEP.
Who’s Eligible to Make Changes During Medicare Open Enrollment?
Anyone currently enrolled in Original Medicare or Medicare Advantage is eligible to make changes during the AEP. However, the AEP does not apply to Medigap plans in most states. Medigap enrollment is often restricted to your initial enrollment period or specific special enrollment periods, and may involve medical underwriting outside those times.
Can I Sign Up for Medigap During AEP?
While you can apply for a Medigap plan at any time, there’s no guaranteed enrollment during AEP unless you're within your initial enrollment window or special periods. Depending on your state, Medigap insurers may conduct medical underwriting to determine eligibility.
Changes to Medicare in 2025
Here are some key updates you should know about Medicare coverage in 2025:
Insulin Costs: Insulin products will continue to be capped at $35/month.
Part D Out-of-Pocket Maximum: The maximum out-of-pocket limit for Part D drugs will be capped at $2,000.
Part D Low-Income Subsidy: More people will qualify for the full Medicare Part D Low-Income Subsidy (Extra Help).
Part B Premium: The projected Medicare Part B premium for 2025 is $185/month, up from $174.70 in 2024. The deductible is expected to rise to $257.
Medicare Advantage Out-of-Pocket Limit: The maximum out-of-pocket limit for in-network services in Medicare Advantage plans will rise to $9,350.
Part D Premium Stabilization Program: A voluntary premium stabilization program will help reduce rising Part D premiums.
How Many People Change Their Medicare Plans During AEP?
Despite the flexibility of AEP, most Medicare beneficiaries do not switch their plans. In fact, a study by KFF found that only 6% to 11% of Medicare Advantage beneficiaries and 10% to 13% of Part D plan holders switch plans during AEP each year. The majority of beneficiaries don’t even compare their options.
What Happens If I Don’t Change My Plan?
If you do not make any changes, your current plan will automatically renew for 2025, but that doesn’t mean everything stays the same. There may be changes in premiums, drug formularies, or provider networks. This is why it’s essential to review your options and make sure your plan is still the best fit for your health and budget needs.
Medicare Open Enrollment is a limited window to ensure you’re on the right plan for 2025. Don’t wait until it’s too late to make changes! Whether you’re considering switching plans or need expert advice on how Medicare changes will impact you, Jason L'Hommedieu is here to help. Book a free consultation with Jason today to review your Medicare options and get personalized recommendations tailored to your needs.
