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Annual Enrollment Period (AEP)

A yearly period (October 15 to December 7) when Medicare beneficiaries can make changes to their health and prescription drug coverage, including switching between Medicare Advantage plans or enrolling in Medicare Part D.

A yearly period (October 15 to December 7) when Medicare beneficiaries can make changes to their health and prescription drug coverage, including switching between Medicare Advantage plans or enrolling in Medicare Part D.

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Income-Related Monthly Adjustment Amount (IRMAA)

An additional charge added to Medicare Part B and Part D premiums for beneficiaries with higher incomes. IRMAA is determined based on the beneficiary’s modified adjusted gross income (MAGI).

An additional charge added to Medicare Part B and Part D premiums for beneficiaries with higher incomes. IRMAA is determined based on the beneficiary’s modified adjusted gross income (MAGI).

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Open Enrollment Period (OEP)

The yearly period during which individuals can enroll in or make changes to their ACA Marketplace, Medicare Advantage, or Medicare Part D plans. Outside of this period, enrollment is only allowed with a qualifying life event.

The yearly period during which individuals can enroll in or make changes to their ACA Marketplace, Medicare Advantage, or Medicare Part D plans. Outside of this period, enrollment is only allowed with a qualifying life event.

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Voluntary Disenrollment

The process by which an individual chooses to leave a health insurance plan, such as Medicare Advantage, Medicare Part D, or a Medicaid managed care plan. Beneficiaries may disenroll during the appropriate enrollment periods or under special circumstances.

The process by which an individual chooses to leave a health insurance plan, such as Medicare Advantage, Medicare Part D, or a Medicaid managed care plan. Beneficiaries may disenroll during the appropriate enrollment periods or under special circumstances.

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