There is a lot to consider when becoming eligible for Medicare, and many people question if they make the right decision, selecting the best plan for their needs. If you have enrolled in Medicare but are wondering if there is something better out there for you, the Open Enrollment period is your time to investigate this further. For everything you need to know about Medicare Open Enrollment Period, read on to these commonly asked questions.
What is Medicare open enrollment?
The Medicare Open Enrollment Period, also referred to as the annual election period, is an annual period of time when current Medicare users can re-evaluate their Medicare coverage, specifically, their Medicare Advantage (Part C) and/or Part D plan. This is a time in which they can compare their plan against the other plans on the market to determine if they still have the best plan for them. If a better plan is found, the Medicare user can switch, drop or add a Medicare Advantage or Part D plan.
Open Enrollment in NOT the time to enroll in Part A or Part B for the first time.
When is Medicare Open Enrollment?
The annual Open Enrollment period begins on October 15 and ends December 7. Once this period of time closes, Medicare users will need to wait until the following year to make these changes.
What changes can be made during Open Enrollment Period?
During this time, a beneficiary can make several changes to various aspects of their coverage. If you’re currently enrolled in Medicare already, you can:
- Switch from Original Medicare to Medicare Advantage, or vice versa
- Change from one Medicare Advantage plan to another
- Switch from one Medicare Part D (prescription drug) plan to another
- Enroll in Medicare Part D plan if you didn’t already. It is important to note that a penalty fee will likely be charged)
- Join or drop a Part D prescription drug plan. If you have or are signing up for Medicare Parts A or B.
Still have questions on Open Enrollment? Give us a call!