Medicare Advantage Open Enrollment Period
Medicare Advantage Open Enrollment Period
Many people don’t realize that you can make changes to your Medicare coverage outside of the fall enrollment period. The Medicare Advantage Open Enrollment Period is one of the times you may be able to make a change outside of October 15th to December 7th.
That’s right. Whether you missed your chance to make a change or maybe you regret the change you did make. You have another opportunity to make a change at the start of every year.
When is it?
January 1st to March 31st each year.
So when you hear you have to make your decision between October 15th to December 7th, that’s not necessarily the whole story. Because if you have a Medicare Advantage plan, you get another chance during the first 3 months each year to make a change.
What can you do?
If you have a Medicare Advantage plan now, you get one chance during this 3 month window to make a change to another Medicare Advantage plan.
Or
If you have a Medicare Advantage plan, you can also drop that coverage and return to Original Medicare. Doing this gives you the ability to join a Medicare drug plan. This process is useful if you are switching from Medicare Advantage coverage and adding a Medicare supplement.
What can’t you do?
1.You cannot switch from Original Medicare to a Medicare Advantage Plan. So what if you have Original Medicare with or without a Medicare supplement? That means you cannot enroll in a Medicare Advantage plan at this time.
2. You cannot enroll a Medicare drug plan if you’re in Original Medicare. So you only have your red, white, and blue Original Medicare card and no drug coverage now? This means you do NOT have the chance to enroll in a Medicare Prescription Drug Plan at this time.
3. Switch from one Medicare drug plan to another if you’re in Original Medicare. If you have a Medicare Part D/Prescription Drug Plan you are NOT able to change into a different Medicare Part D/prescription Drug Plan at this time.
Medigap/Medicare supplements are not impacted by the Medicare Advantage Open Enrollment Period
If you have a Medicare supplement now, you can change to a different Medicare supplement at any time during the year. Regardless of when you make the change you need to go through an health review in order to be approved for your new coverage.
Is the Medicare Advantage Open Enrollment Period helpful?
Yes!
Without a doubt, it’s a nice change. Because you are not forced to do anything during this time. But it gives you another opportunity if you have a Medicare Advantage plan now to make a change.
Medicare has specific times when you can make changes to your plan. And there could be many reasons why you want to make a change including:
- Enrolled in a new Advantage plan and didn’t fully understand consequences
- Your doctor/hospital isn’t in your network
- You start taking a new prescription medication that could be covered at a lowest cost on a different plan
- You want to get a Medicare supplement instead of your current Medicare Advantage plan
There could be other reasons why you want to make a change. So if you want to make a change, it helps to have someone on your side. Which is exactly what you get with Medicare Mike.
An independent insurance broker that works for you, not an insurance company. I will help you shop all your options. And you don’t pay me a dime. Whichever insurance company you choose, pays me an compensation for providing you with service.
Call me at 855-712-7316 or email Mike@askMedicareMike.com for help today.