Medicare Annual Election Period runs from October 15 to December 7 each year. As a financial professional, helping clients understand this period is key to avoiding costly mistakes and ensuring their coverage still fits their needs. Below, we answer the most-searched questions about Medicare to make this year’s Open Enrollment season simple and stress-free.

Medicare Annual Enrollment Period or AEP is the time when people already enrolled in Medicare can make changes to their Medicare health plan (Part C, Medicare Advantage) or prescription drug plan (Part D). It matters because every year insurance carriers adjust plan premiums, benefits, drug formularies, provider networks, and cost-sharing. If someone stays in a plan without reviewing those changes, they may end up paying more or losing access to coverage without realizing it.

2. When is Medicare Annual Enrollment (AEP) for 2025?

Annual Enrollment runs from October 15 through December 7. Any selections made in that window take effect January 1 of the next year. Plan marketing can begin earlier, but actual enrollment changes can’t be processed until October 15.

3. Who can change their Medicare plan during Open Enrollment?

If you have Medicare Advantage (Part C) or Part D prescription drug coverage, you can switch from one Medicare Advantage plan to another, drop Medicare Advantage and return to Original Medicare (Parts A & B), join a standalone Part D plan (if in Original Medicare), or change your Part D plan. However, you generally cannot use AEP to enroll in Medicare Part A or B if you missed your Initial Enrollment Period, or to buy or change a Medigap supplement plan (unless under special state rules).

4. What if I’m newly turning 65? When can I enroll in Medicare?

New enrollees have an Initial Enrollment Period (IEP) that spans seven months: the three months before your 65th birthday, your birthday month, and the three months after. Missing this window may result in waiting for the General Enrollment Period and paying a late-enrollment penalty.

5. What is the Medicare Advantage Open Enrollment Period (MA-OEP)?

The MA Open Enrollment Period runs from January 1 through March 31 and is only for people already enrolled in a Medicare Advantage plan at the start of the year. During this period, you can switch to another Medicare Advantage plan or drop Medicare Advantage and return to Original Medicare (with a standalone Part D plan). You cannot join an MA plan during OEP if you weren’t already in one.

6. What is a Special Enrollment Period (SEP), and when does it apply?

A Special Enrollment Period (SEP) allows you to make changes to your plan outside the normal enrollment windows if you experience certain life events. Common examples include moving to a new ZIP code or service area, losing employer-based coverage, qualifying for “Extra Help” for drug costs, gaining or losing Medicaid, or entering or leaving a nursing home. SEP rules can be complex and vary by situation.

7. What should I review before deciding whether to change plans?

Before deciding, review your Annual Notice of Change (ANOC), which outlines updates to premium, benefits, cost sharing, and networks for next year. Check your Formulary/Drug List to ensure medications remain covered, and verify your Provider Network to confirm your doctors and specialists still participate. Review your Out-of-Pocket Maximum & Cost-Sharing, since even small copay changes can add up. Consider Additional Benefits like dental, vision, hearing, and fitness programs, and check if your income now qualifies for financial assistance such as “Extra Help” or low-income subsidies.

8. Can I drop Medicare Advantage and go back to Original Medicare?

Yes. During Open Enrollment, you can drop your Medicare Advantage plan and return to Original Medicare (Parts A & B) and also enroll in a Part D drug plan. However, once you switch to Original Medicare, you generally lose access to extra benefits such as vision or dental coverage. If you want to add a Medigap supplement, acceptance may depend on state rules and medical underwriting.

9. If I miss Open Enrollment, what options do I have?

If you miss AEP, you may have to wait until the next enrollment period unless you qualify for a Special Enrollment Period (SEP) based on life circumstances. If you have Medicare Advantage, you might still be able to make a change during the MA-OEP (Jan 1 – Mar 31) if eligible.

When most people think of financial planning, they picture retirement savings, investments, or insurance. While these are essential, there’s another equally important piece: legacy planning. Often seen as the next step beyond estate planning, legacy planning ensures that your wealth, values, and wishes are protected and passed down in a way that reflects what matters most to you.

Legacy planning is the process of designing a comprehensive plan that not only distributes your assets but also preserves your values, charitable goals, and life lessons for future generations. Unlike basic estate planning, which focuses primarily on wills and trusts, legacy planning takes a broader approach. It includes tax strategies, philanthropy, family governance, and business succession planning to create a lasting impact.

In short, legacy planning answers: How do I want to be remembered—and how can I protect what I’ve built?

Why Legacy Planning Matters

1. Protecting Family Wealth
   Without proper planning, taxes, probate fees, and legal costs can erode your estate. A carefully designed legacy plan ensures that more of your wealth transfers directly to your loved ones instead of being lost to the court system.

2. Providing for Loved Ones
   Legacy planning gives your family financial security and clear instructions. By establishing wills, trusts, and beneficiary designations, you reduce the risk of disputes and help your loved ones avoid unnecessary stress during already difficult times.

3. Preserving Your Values
   Your legacy is more than money. Legacy planning allows you to create charitable giving strategies, endowments, or family foundations that reflect your personal beliefs and priorities. This way, your values continue to guide future generations.

4. Ensuring Business Continuity
   For entrepreneurs and business owners, succession planning is vital. By preparing a roadmap for leadership and ownership transition, you secure the future of your company and maintain the legacy of your life’s work.

Key Elements of a Strong Legacy Plan

• Wills and Trusts: Provide clarity on how your assets should be distributed.

• Healthcare Directives & Powers of Attorney: Outline who can make decisions if you become unable to.

• Life Insurance & Retirement Accounts: Protect loved ones and ensure beneficiaries are aligned with your plan.

• Philanthropy & Charitable Giving: Support causes you care about through donor-advised funds or family foundations.

• Business Succession Planning: Create a clear transition plan for your business.

Getting Started with Legacy Planning

Contrary to common belief, legacy planning isn’t just for the wealthy—it’s for anyone who wants to ensure their family is taken care of and their values are preserved. The earlier you begin, the more strategies you can implement to minimize taxes, maximize impact, and create a thoughtful transfer of wealth.

Working with an experienced financial professional helps you build a legacy plan that’s comprehensive, legally sound, and tailored to your family’s unique needs. By taking action today, you can protect your family wealth, reduce uncertainty, and leave a meaningful legacy that lasts for generations.