Medicare can be problematic. Many Medicare Plans have various enrollment rules and requirements. Each of the different enrollment periods has specific dates that determine when the benefits changes begin. In Medicare fashion, change is fundamental. The changes in Medicare give enrollees more time to consider and find the best Medicare Plan that suits their style of living.
WHAT IS THE MEDICARE ADVANTAGE OPEN ENROLLMENT PERIOD?
The Medicare Advantage Open Enrollment Period starts January 1 through March 31 annually. The open enrollment period allows beneficiaries to make changes to their current plan to see and try out other plans. If you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to the Original Medicare. You will also have the ability to join a Medicare Drug Plan once during this period. This enrollment period is only available to people actively enrolled in a Medicare Advantage Plan. During this enrollment period, beneficiaries are only able to make one change and cannot change from one stand-alone Part D Prescription Drug Plan to another stand-alone Part D Prescription Drug Plan. However, you may be able to utilize the Special Enrollment Period to change your Prescription Drug Plan. Any changes that you make to your coverage during the Medicare Advantage Open Enrollment Period will become effective on the first day of the month following the change.
DOWNSIDES (OR THINGS YOU CAN’T DO)
With the Medicare Advantage Open Enrollment Period Plan, you are unable to switch from Original Medicare to a Medicare Advantage Plan. In addition, switch from one Medicare Drug Plan to another if you’re in Original Medicare.
ANOTHER CHANCE AT ECONOMICALLY COVERING YOUR MEDICATION
A beneficiary may want to consider switching Advantage Plans during the Medicare Advantage open enrollment period due to any provider changes that have occurred. The Advantage Plans provide more coverage, but the benefits may vary each year. This time period is favorable for beneficiaries that are not satisfied with the new Medicare Advantage plan they chose for the year or for the beneficiaries who are currently enrolled but who missed the annual December 7 deadline to change plans.
Tagged: Medicare Enrollment, medicare advantage enrollment, Medigap, Medicare Supplement, Medicare Advantage Plans, Medicare OEP, Medicare Open Enrollment, Medicare Advantage, Medicare Plans, Open Enrollment Period