The Annual Enrollment Period is Oct. 15 to Dec. 7, when a Medicare Beneficiary is eligible to change their Medicare Advantage or Prescription Drug Plan. This means that medicare open enrollment is right around the corner and insurance providers are urging you to vet your agents and ask the necessary questions.
Here is everything you need to know about Medicare Open Enrollment.
What’s the Medicare Open Enrollment Period?
October 15 to December 7 is when all people with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs.
When changing your Medicare coverage during this period, you can:
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- Join a new Medicare Advantage Plan or stand-alone prescription drug plan (Part D) plan
- Switch between Original Medicare with or without a Part D plan and Medicare Advantage
- If you have Medicare Advantage, you can also switch to Original Medicare. If you are looking to get drug coverage, you should also join a Part D plan.
- Depending on where you live, you may be able to buy a Medigap policy, which helps pay Original Medicare costs. However, limitations apply as to who can buy a Medigap and when.
Any change you make during this time will take effect on January 1.
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When should you change your plan?
Reviewing your current Medicare health and drug coverage will help you determine what changes you need to make, if any. If you are dissatisfied with your coverage for next year, now is the time to make changes.
If you have Original Medicare, start by taking a look at next year’s Medicare & You handbook. This will tell you what Medicare costs and benefits for the upcoming year are.
If you have a Medicare Advantage Plan or a Part D plan, you should receive an Annual Notice of Change (ANOC) and/or Evidence of Coverage (EOC) from your plan. Reviewing these notices will help you find changes in the plan’s costs, benefits, and/or rules for the upcoming year.
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Satisfied with your plan? While this is great news, it may still benefit you to look at other Medicare options in your area to ensure that there isn’t another plan in your area that will offer you better health and/or drug coverage at a more affordable price.
Research shows that people with Part D could lower their costs by shopping among plans each year.
What if you are dissatisfied with the Medicare Advantage Plan you choose during Fall Open Enrollment?
The MA OEP occurs each year from January 1 through March 31, with changes taking effect on the first of the month following the month you enroll. If you are dissatisfied with the plan you chose, you can switch from
