Medicare’s Annual Election Period: What You Need to Know

Between October 15 and December 7, Medicare’s Annual Election Period (AEP), popularly known as Medicare Open Enrollment, allows beneficiaries to review, compare, and modify their insurance coverage for the coming year. This window ensures your healthcare plan continues to align with your needs, lifestyle, and budget.

At Access Wealth, we help clients make informed healthcare choices that align with their financial goals and retirement vision. Understanding what you can do during this time ensures your plan continues to meet your health and financial needs.

Here’s what we cover in this article:

What Happens During the Annual Election Period
Life Events That Qualify for a Special Enrollment Period
Why Everyone Should Review Their Plan Each Year
A Refresher on Medicare’s Four Parts
Why Your Medicare Decision Matters
Coming Up: The Medicare Insights Series

What Happens During the Annual Election Period

Medicare’s Annual Election Period, sometimes called Open Enrollment, is when you can adjust your existing Medicare coverage. Between October 15 and December 7, you can:

Move from Original Medicare (Parts A and B) to a Medicare Advantage plan (Part C)
Return to Original Medicare from a Medicare Advantage plan
Add, drop, or change a Part D prescription drug plan
Review and update optional benefits such as dental or vision coverage

Any changes you make during this period take effect on January 1, 2026.

Note: If you’re approaching age 65 and not yet enrolled in Medicare, you are not part of this window. You must use your Initial Enrollment Period, which begins three months before your 65th birthday and lasts for seven months.

Life Events That Qualify for a Special Enrollment Period

Certain life events create a Special Enrollment Period (SEP), allowing you to make changes outside of the Annual Enrollment Period without penalties. You may qualify if you:

Lose employer or union health coverage
Relocate to a new state or coverage area
Experience a significant change in your plan’s network or availability

Learn more directly from Medicare.gov’s Special Enrollment Periods page.

Why Everyone Should Review Their Plan Each Year

Even if your current plan feels right, it’s worth reviewing annually. Premiums, copays, and drug coverage can change from year to year – sometimes significantly.

You should take a closer look if:

Your prescriptions, providers, or health needs have changed
You’ve moved to a new state or coverage area
Your plan’s network or costs have shifted
Your monthly premiums or copays are increasing
You want to confirm your plan still supports your cash flow and tax strategy

A brief review now can prevent expensive surprises next year.

A Refresher on Medicare’s Four Parts

Here’s a quick look at what each part provides:

Part A (Hospital Coverage): Inpatient care, skilled nursing, hospice, and limited home health care. Usually, no premium.

Part B (Medical Coverage): Doctor visits, outpatient care, diagnostics, preventive services, and durable medical equipment. Premium required.

Part C (Medicare Advantage): Private plans combining Parts A and B; often includes dental, vision, or hearing benefits.

Part D (Prescription Drug Coverage): Helps pay for medications; may be bundled with Advantage plans.

Understanding how these parts work together ensures you’re covered where it matters most.

Why Your Medicare Decision Matters

Your healthcare coverage affects more than just your well-being; it influences your retirement budget and long-term financial independence.

The right Medicare choices can help:

Manage out-of-pocket expenses
Protect retirement income
Maintain access to preferred care providers

As part of our financial planning process, we help clients evaluate how Medicare fits within their broader retirement strategy. Doing so gives individuals confidence that their healthcare decisions support, rather than strain, their long-term financial security.

Coming Up: The Medicare Insights Series

Over the next several weeks, we’ll be sharing a series of articles to help you navigate Medicare confidently.

Stay tuned for these upcoming articles in our Medicare education series:

Medicare 101: Understanding the Basics
Breaking Down the Costs of Medicare
What Medigap Covers (and what it Doesn’t)
How to Choose the Best Plan for Your Retirement Lifestyle

Each piece is designed to help you make confident, informed decisions about your healthcare coverage in retirement.

Need Guidance? We’re Here to Help.

Selecting the right Medicare plan can feel overwhelming, but you don’t have to do it alone. Our financial planners can help you:

Compare plan options and estimate out-of-pocket expenses
Coordinate enrollment with Social Security and tax planning
Align healthcare costs with your cash flow and investment strategy
Decide when to enroll if you’re still working or covered by an employer plan

Open Enrollment ends on December 7, so now is the perfect time to start the conversation. Contact your Access Wealth advisor or schedule a consultation to review your Medicare strategy.