2023 Medicare AEP FAQs

AEP for 2023 Medicare coverage started on Saturday, October 15th and will last until December 7. During AEP, beneficiaries can examine and change their Medicare coverage options, including Original Medicare, Medicare Advantage, and prescription drug plans. Consider your health, lifestyle, and financial requirements when you review your plan to see whether it would be best to stick with your existing coverage or look for one that might be a better fit. 

cHere are Frequently Asked Questions (and answers) to make the most of this AEP.

Should you keep your existing Medicare coverage? 

Reviewing your Medicare coverage annually is a good idea. Changes in your lifestyle, finances, or general health may have occurred in the past year. Answering the question, “Is this Medicare plan good for me?” will determine whether you decide to keep your existing coverage or look for something new.

Should you renew your Medicare coverage? 

You could be unsure whether to renew your Medicare coverage if you stick with it. You do not have to re-enroll in your plan if you choose to maintain your current Medicare coverage. You’re good if you continue to pay your plan’s premiums and costs. If your plan has changed in ways you don’t like or if you want different benefits, follow the instructions under “Change Medicare Plans” below.

What happens if I don’t change my Medicare coverage during the yearly enrollment period? 

Your current coverage will renew for 2023 if you don’t make any changes to your plan. But those changes can involve different costs and advantages. The drug formulary (covered drug list) or provider network of the plan you now have may have changed, resulting in losing coverage for a particular drug or physician. Additionally, the plan’s premium and cost-sharing structures can vary.

This is why it’s essential to weigh your options every fall carefully. You should find out how your current, and other plans offered in your area, will cover your doctor visits and prescriptions for the upcoming year. 

You won’t be able to change your stand-alone Part D plan after the yearly election period is over until the following election period. The Medicare Advantage Open Enrollment Period (MAOEP), which runs from January through March, will still be available to you only if you have a Medicare Advantage plan. Only one plan change is allowed during this period.

So, if you think you might want to change plans, the ideal way is to choose your new plan by the annual election period deadline (December 7) so that the coverage begins on January 1 and lasts the entire year.

I am happy with my plan. Do I need to do anything? 

You do not need to do anything during AEP if you are happy with your current Medicare plan. You won’t need to sign any paperwork to renew your plan; it will renew itself automatically for the following year.

Can I change my coverage at the start of the AEP and change my mind before the December 7 deadline? 

Yes. Later in AEP, you can change your mind and select a different plan. You are permitted an unlimited number of plan changes during the AEP. Your last choice will be the plan that goes into effect on January 1.

What can I do if I make a mistake when changing my coverage during the AEP? 

If you realize your mistake while the AEP is still in progress, you can choose an alternative plan (before the deadline of December 7), and the new option will go into effect on January 1. 

If your AEP has finished and you’ve joined a Medicare Advantage plan but believe you should have chosen a different plan, you can use the Medicare Advantage Open Enrollment Period (MAOEP) to transfer to change your plan.

The period for the MAOEP is from January 1 to March 31. 

Your options are more limited if the AEP has passed and you’ve enrolled in a stand-alone Part D plan that doesn’t meet your needs. Generally, you can change these plans during the fall AEP.

How will plan prices change for Medicare coverage in 2023? 

Here is a thorough description of Medicare’s premium and out-of-pocket cost changes. 

• The Inflation Reduction Act will set the price of insulin supplies at $35 per month in 2023, and Part D enrollees will no longer be required to pay for recommended immunizations. 
• For 2023, Part B deductibles and premiums will be lower (the first decrease over a decade). 
• The deductible, coinsurance, and Part A premiums (for those who must pay for Part A) will all rise in 2023. 
• Average Part D premiums are anticipated to decline slightly in 2023.
• The IRMAA (high-income surcharge) threshold for Medicare Part D and Part B will rise dramatically. Still, the high-income Part B premiums will align with regular Part B premiums. 

• The attributable cap on out-of-pocket expenses for Medicare Advantage plans will increase to $8,300 for in-network expenses (excluding prescription expenditures). However, most plans will still have out-of-pocket maximums much lower than this cap.

How do I change my Medicare coverage?

You’ve done your research and carefully researched your options for Medicare coverage, and you’ve joined the roughly 65 million Americans who have signed up for a Medicare plan. 

And now what? Are you prepared to change your Medicare coverage or plan?

Don’t hesitate to contact Health Plans in Oregon at 503-928-6918 or book an appointment, and we would be pleased to assist you.