Every year, from October 15 to December 7, Medicare gives beneficiaries the chance to review and update their health and prescription drug coverage. This period is called the Annual Enrollment Period (AEP).
One of the most common questions we hear is:
👉 “What if I don’t do anything during AEP? Will I lose my coverage?”
The short answer is no—you won’t lose coverage. But there are important things you need to know if you decide not to make changes.
1. Your Current Plan Will Likely Renew Automatically
If you take no action during AEP, you’ll typically stay in the same plan you have now for the following year. This means your coverage continues without interruption starting January 1.
However, “same plan” doesn’t always mean the same benefits or costs.
2. Your Plan’s Costs or Benefits May Change
Insurance companies review and adjust their Medicare Advantage and Part D plans every year. These changes can include:
- Monthly premiums
- Copays and deductibles
- Prescription drug coverage
- Extra benefits like dental, vision, or hearing
If you don’t compare your plan against next year’s offerings, you may be surprised when your out-of-pocket costs increase.
3. Prescription Drug Coverage Can Shift
Medicare Advantage and Part D plans have formularies (lists of covered medications). Each year, these lists are updated.
- Some drugs may move to a higher cost tier.
- Others might no longer be covered.
If you skip reviewing your drug coverage during AEP, you could end up paying much more for the same prescriptions in January.
4. Doctor and Provider Networks May Change
For Medicare Advantage plans, provider networks are key. A doctor, hospital, or specialist that’s in-network this year may not be next year.
If you don’t check during AEP, you could face limited provider choices—or higher out-of-network bills—when you need care.
5. You Might Miss Out on Better Options
Medicare plans change every year, and new ones are introduced. By not reviewing your options, you could be passing up:
- Lower premiums
- Better prescription drug coverage
- Extra benefits like transportation, meals, or fitness programs
Even if you’re satisfied with your current plan, it’s smart to explore what else is available.
6. When Doing Nothing Is Okay
If you’ve reviewed your Annual Notice of Change (ANOC) and confirmed that your plan still meets your health and financial needs, then it’s fine to stay where you are.
The important part is reviewing first, then deciding. Skipping the review altogether could leave you with unpleasant surprises in the new year.
Final Thoughts
Not making changes during AEP won’t cancel your Medicare coverage. But it could cost you more or reduce your benefits if you’re not careful.
That’s why it’s so important to:
- Review your ANOC carefully
- Check your prescriptions and providers
- Compare available plans in your area
📞 If you’d like help reviewing your coverage, our licensed Medicare experts are here to guide you through your options—at no cost to you.
👉 Need guidance or have questions about your Medicare coverage? Contact us today at healthcareamerican.com or call 443-929-0433 for personal assistance.
👉 Ready to explore your Medicare options? Contact us today for a free consultation.