Medicare’s open enrollment period happens each year between October 15 and December 7. What does that mean for you? It’s “do over” time! If you don’t like your Medicare Advantage (MA) or Medicare Part D drug plan, you get to switch plans. If you make a move during this time, your new drug or MA plan must approve you at the best rate with no health questions asked.
This Article Was Updated on 10/15/2017 to reflect new information.
Medicare’s Open Enrollment is also the best time to switch from Medicare Advantage to a Medicare Supplement plan (AKA Medigap). Switching from MA to Medigap may require you to fill out a health questionnaire during the application.
To learn more about Open Enrollment, check our Senior65.com Annual Election Period Open Enrollment Tool kit:
Learn More about Open Enrollment Here
Medicare Advantage Open Enrollment Details
The following are a few tips about icare Advantage plans:
- Medicare Advantage must offer equivalent benefits as OriginalMedicare
- Added benefits of MA plans may include gym memberships, dental, vision, hearing, and Part D drug coverage
- Some Medicare Advantage plans offer $0 premium options
- Some MA plans offer foreign emergency travel coverage
- You usually cannot be enrolled in Medigap and Medicare Advantage at the same time.
- Most MA plans have a Limited local network
Medicare Advantage or Medigap: Which is Better?
This really depends on your financial situation. If you can afford a higher premium each month you are usually better off with the Medigap. If you are on a budget and ok with a local network of doctors, Medicare Advantage is your best bet. Either one will protect your wealth better than Original Medicare alone. See our “help me decide” tool below.