AEP stands for the Medicare Annual Enrollment Period, which is a set time each year for changing your Medicare coverage choices if you choose to. The AEP runs from October 15 to December 7, and new coverage choices go into effect on January 1. During this period, beneficiaries can make changes to their current Medicare plan coverage, and all plan and benefit changes become effective on January 1 the following year. The specific actions you can take during AEP depend on your current coverage, and they include joining a Medicare Advantage plan, joining a stand-alone Medicare prescription drug plan, or making no changes and renewing your current coverage as is. AEP is also a great reminder to review your Medicare plan each year so you can make sure you have the coverage you need going forward.