The Annual Enrollment Period is October 15 to December 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 meet their needs better.
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 decrease their costs by shopping among plans yearly.
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 one Medicare Advantage Plan to another, or switch from a Medicare Advantage Plan to Original Medicare with or without a Part D prescription drug plan during this time.
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The best way to enroll
Enrolling in a new plan directly through Medicare is the best way to protect yourself if there are problems with enrollment.
Not sure where to start?
Try writing down everything about the conversation when you enroll through Medicare, including the date, the representative you spoke to, and any outcomes or next steps.
Before you enroll in a new plan, remember to confirm all the details about your new plan. Make sure the plan includes your doctors and hospitals in its network. You should also make sure the plan covers all your drugs, and that your pharmacies are in the preferred network.
For additional help, Medicare’s Plan Finder tool can help you find Part D plans. The Plan Finder tool compares plans based on the drugs you need, the pharmacy you visit, and your drug costs.
Avoiding scams
Remember, your Medicare number is equally as important as your social security number. It should only be shared with a licensed agent who you’ve given consent for enrollment.
Medicare will never call you first. However, when you call Medicare, they will verify your Medicare Number.
Once you have given consent, a Medicare agent will call to verify enrollment. If you did not grant consent, you should deny enrollment.
You should also identify trusted mail pieces. A trusted mail piece will have the name of the agent or agency with their contact information.
If you want to join a Medicare Advantage Plan, call 1-800-MEDICARE to find out which plans are in your area. Once you receive the list of plans, check the plans’ websites or call them to see which best fits your needs.
