The Annual Enrollment Period (AEP) is a crucial time for Medicare beneficiaries to review and potentially change their coverage options. Whether you want to change your Advantage or Drug plans or switch to a Supplemental plan,. The AEP is a great time to do it as the year comes to a close. Let’s discuss what changes you can make during this enrollment period and and how to prepare for the AEP.
When is the Medicare Annual Enrollment Period?
The Medicare Annual Open Enrollment Period is a designated time for individuals to review and adjust their Medicare Advantage and Prescription Drug Plans. It’s also an important opportunity for those transitioning from an employer plan to Medicare to ensure they’re choosing the right coverage for their needs.
The annual enrollment period goes from October 15th to December 7th. During this event, beneficiaries can:
- Switch from Orginal Medicare to a Medicare Advantage Plan (or vice versa): Original Medicare (Parts A & B) covers inpatient and outpatient hospital services, doctor visits, and some preventive care. Medicare Advantage Plans (Part C) bundle these services and often include additional benefits like dental or vision coverage.
- Switch Between Medicare Advantage Plans: There are a variety of different Medicare Advantage plans available, each with varying costs, coverage area networks of doctors and hospitals, benefits, and covered services. The enrollment period allows you to compare plans and find one that best suits your current needs.
- Enroll in or Switch Between Medicare Part D Prescription Drug Plans: Part D covers prescription medications. Open enrollment allows you to enroll in a Part D plan for the first time or switch between plans if your current one doesn’t meet your needs.
Annual Open Enrollment Period Key Information
Important information to know about the Medicare annual open enrollment period includes:
- Dates: The annual open enrollment period runs from October 15th to midnight on December 7th each year.
- Changes and Effective Date: Any adjustments made during this period take effect on January 1st of the following year.
- Automatic Cancellation: You don’t need to cancel your current plan; Medicare will automatically terminate at year-end if you choose a new Advantage Plan.
- Plan Switching: You may consider switching Medicare Advantage or Prescription Drug Plans if your medical or prescription needs change. The Annual Open Enrollment Period is when you’ll need to do this. It’s also an opportunity for those on Medicare Advantage plans to qualify to switch to a Medicare Supplement (Medigap) plan if they want more flexibility in their coverage.
- Supplemental Plans: Unlike Advantage and Prescription Drug Plans, you can change your supplemental plan throughout the year.
Why Should You Consider Medicare Changes During Open Enrollment?
For those who are ages 65 and older, healthcare needs can evolve and rapidly change over time. Open enrollment gives you a chance to look at your plan’s benefits and ensure they still meet your needs, medications, preferred doctors, and budget.
While you may be content with your current plan, insurance plans can, unfortunately, change every year. Medicare Advantage and Part D prescription drug plans can adjust their benefits, networks, and costs annually. Use open enrollment to compare the latest offerings and ensure you’re getting the best value based on your needs.
How to Prepare for the Medicare Open Enrollment Period
As the annual open enrollment period for Medicare plans approaches, you’ll want to prepare, especially if you’re planning on switching plans. To ensure you have everything you need for open enrollment, it’s important to do the following:
- Gather Information: Find your current Medicare plan documents (e.g., Explanations of Benefits) and any other information about your medications.
- Review Your Needs: Consider your health status. Do you need additional support for dental, vision, hearing, or other medical services?
- Research Your Options: Use our 1-on-1 Medicare assistance service to review your best options.
Can I Switch Medicare Plans Outside of the Open Enrollment Period?
The majority of beneficiaries must wait for the open enrollment period to make changes to their Medicare plan. There are, however, certain exceptions which allow changes. This may include:
- Coverage Disruptions: If you experience a disruption to your current coverage, such as moving out of your plan’s coverage area in a cross-country move or if you lose an employer, you can be eligible to make coverage changes.
- Income Exceptions: Some individuals who are covered by both Medicare and Medicaid may be eligible for changes once per quarter.
- Nursing Homes: Those who live in nursing homes and other similar facilities can change their Medicare Advantage or Medicare Part D coverage once per month.
- Medicare Advantage Enrollees: In addition to the standard open enrollment period of October 15th through December 7th, Medicare Advantage enrollees may change their plans or switch to original Medicare between January 1st and March 31st each year.
Prepare for the Open Enrollment Period with Medicare School
The Medicare Open Enrollment Period is your chance to ensure your healthcare coverage aligns with your current needs. Don’t wait until it’s too late, give Medicare School a call to learn about your insurance options. Need more information before you make a call? Learn how to switch Medicare Advantage plans on our blog.
Looking for a crash course on Medicare? Check out our free Medicare workshop taught by our very own Marvin Musick.
