Insurance

The Medicare Annual Enrollment Period: Understanding Your Options

By Chris Duderstadt

October 3, 2025

The Medicare Annual Enrollment Period: Understanding Your Options

Key Points – The Medicare Annual Enrollment Period: Understanding Your Options

  • When Is the Medicare Annual Enrollment Period?
  • What Changes Can Be Made?
  • How to Take Action During the Medicare Annual Enrollment Period
  • 4-Minute Read

What You Need to Know About the Medicare Annual Enrollment Period 

A special event is about to start on October 15 that is a critical part of the financial planning process. We’re talking about the Medicare Annual Enrollment Period. We’re going to give you a high-level overview of what it is, when it is, who it’s for, and how to take action (if necessary). 

According to the Centers for Medicare and Medicaid Services, the Medicare Annual Enrollment Period is a time “when all people with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs.1” Those with health and prescription drug plans can make annual changes, which can be related to coverage, cost, and which pharmacies/providers are available in your network. 

When Is the Medicare Annual Enrollment Period? 

The Medicare Annual Enrollment Period runs from October 15 through December 7 each year. Opportunities to make changes outside of that timeframe are limited.  

Who Is It for? 

The Medicare Annual Enrollment Period is for people who have Original Medicare (Medicare Part A and B), Medicare Advantage (Medicare Part C), or a standalone Medicare prescription drug plan (Medicare Part D). The Medicare Annual Enrollment Period does not apply to people who have Medicare Supplement Plans. 

Are You Wanting to Change Plans? 

If you want to make changes in coverage during the Medicare Annual Enrollment Period, please take note of what changes you can make. These changes would then take place beginning January 1 of next year and can include:

  • If you have Medicare Part A or B, you can switch to Medicare Part C.
  • If you have Medicare Part C, you can go back to Medicare Part A or B.
  • You can switch from one Medicare Part C plan to another.
  • You can join, change, or drop a Medicare Part D prescription drug plan.

Are You About to Turn 65? Here’s What You Need to Know About the Medicare Initial Enrollment Period 

If you don’t currently have Medicare coverage, we also want to make sure you understand when you’ll be eligible to do so. Most people become eligible for Medicare upon turning 65, but there are a few exceptions to accessing Medicare earlier.2 Those exceptions include people who have: 

  • A qualifying disability and have received Social Security Disability benefits for at least two years
  • End-stage renal disease (ESRD)
  • Amyotropic Lateral Sclerosis (ALS)

If those exceptions don’t apply to you, there’s a seven-month window that’s known as the Medicare Initial Enrollment Period.3 During the Medicare Initial Enrollment Period, you can enroll in Original Medicare, a Medicare Advantage plan, or a stand-alone Medicare prescription drug plan.  

The Medicare Initial Enrollment Period spans from three months prior to the month of your 65th birthday and three months following the month of your 65th birthday. For example, let’s say that an individual will turn 65 on April 15 (Tax Day!). That individual’s Medicare Initial Enrollment Period will begin on January 1 and end on July 31. 

It’s also important to understand that when you sign up during the Medicare Initial Enrollment Period matters in terms of when your coverage begins. There are five options of when you can enroll during the Medicare Initial Enrollment Period seven-month window. 

  • Three months prior to your 65th birthday (coverage begins three months after enrolling)
  • The month of your 65th birthday (coverage begins one month after enrolling)
  • One month following your 65th birthday (coverage begins two months after enrolling)
  • Two months following your 65th birthday (coverage begins three months after enrolling)
  • Three months following your 65th birthday (coverage begins three months after enrolling)

What If You Miss the Medicare Initial Enrollment Period? 

Keep in mind that you may be subject to higher premiums if don’t enroll during the Medicare Initial Enrollment Period. If you miss the Medicare Initial Enrollment Period, your next opportunity to enroll in Original Medicare will be the Medicare General Enrollment Period, which is from January 1 through March 31.4  

The Medicare Advantage Open Enrollment Period 

January 1 through March 31 is also the timeframe for the Medicare Advantage Open Enrollment Period.5 If you’re enrolled in a Medicare Advantage plan, the Medicare Advantage Open Enrollment Period is a time in which you can either switch to a different Medicare Advantage plan or to Original Medicare. You’ll also be eligible during this period to enroll in a Medicare prescription drug plan.  

Special Enrollment Periods 

So, to sum it up, the Medicare Annual Enrollment Period is from October 15-December 7, while the General Enrollment and Medicare Advantage Open Enrollment Periods run from January 1-March 31. However, there are a few situations in which you may be eligible to enroll or make changes during a Special Enrollment Period.6 Situations where a Special Enrollment Period may apply primarily involve when you lose coverage or move but make sure to call 1-800-MEDICARE if you have questions about potentially qualifying.  

Making Sure Your Health Care Needs Are Being Met 

As the Medicare Annual Open Enrollment Period begins on October 15, remember that it’s critical to make any necessary coverage changes before December 7 so that your health care needs are being met. Don’t forget to review your current plan and see how it holds up to other Medicare plans.  

Are you adequately covered, or do you need to make changes for next year? That’s one of the most important questions that you need to be asking yourself from a wealth management perspective. That’s also why we created our Retirement Plan Checklist. It consists of 30 yes-or-no questions—some of which pertain to healthcare—and an age-based timeline of key retirement considerations. Make sure to download your copy below! 

Medicare Annual Enrollment Period

Retirement Plan Checklist

Have Any Questions? 

If you have any questions about the Medicare Annual Enrollment Period, medicare.gov is an excellent resource. And, of course, our team is ready to answer any questions you have as well. The insurance specialists that we have on staff are a very important component of our team approach to financial planning. You can ask us any questions related to Medicare Annual Open Enrollment or Medicare in general by starting a conversation with our team below. 

SEE OUR SCHEDULE

As one of our Managing Directors, Dean Barber, always likes to say, “Stay healthy and stay safe” during this Medicare Annual Enrollment Period. 

Resources Mentioned in This Article

Other Sources

[1] https://www.cms.gov/priorities/key-initiatives/medicare-open-enrollment-partner-resources 

[2] https://medicareadvocacy.org/under-65-project/ 

[3, 4, 6] https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-does-medicare-coverage-start 

[5] https://www.medicare.gov/basics/get-started-with-medicare/get-more-coverage/joining-a-plan 

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Investment advisory services offered through Modern Wealth Management, Inc., a Registered Investment Adviser. 

The views expressed represent the opinion of Modern Wealth Management a Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.