Medicare Open Enrollment is always advertised on TV, but what is it? And, what does it mean to you? Medicare Open Enrollment, also officially known as Medicare’s Annual Election Period (AEP), runs each year from October 15th thru December 7th. Let us explain what you can and cannot do during this period.
What Can I Do During AEP Open Enrollment
During AEP Open Enrollment Medicare, which runs from October 15 thru December 7 for a January 1st effective date, you can switch your Part D or Medicare Advantage plan. You never have to answer to fill out a medical questionnaire to be enrolled -the only two exceptions with Medicare Advantage are if you are currently in a Long Term Care Facility or if you have End Stage Renal Disease (these are the two cases you cannot enroll in a new MA plan).
Learn More about Medicare Advantage Get a MA Quote
What Can’t I Do During Open Enrollment?
During Medicare Open Enrollment you cannot do the following:
- Switch from Medigap plan to another Medigap plan without answering medical questions.
- Enroll in Medicare Part B for the first time, unless you have a qualifying event (call us at 800-930-7956 to learn more)
- Switch from Medicare Advantage to Medigap without answering medical questions. While many people do use this time to switch from MA to Medigap, you will usually have to answer some health questions before being approved on a new plan.
Why is Medicare’s AEP Open Enrollment Important?
Did you know that a Medicare Advantage plan or Part D can change their drug formularies each year. So last year y our drug may be covered, but that same company may not cover that drug the following year. Your Medicare Advantage plan is not federally standardized like Medicare Supplement plans (Medigap), and therefore they can change their network of providers, change they way they cover a medical service, and/or drop additional benefits like dental, vision, and hearing.
Bottom line, you will want to look over your Medicare Advantage and Part D plans every AEP Open Enrollment. We know it’s a bit more work, but if you don’t, you could end up spending a lot more money than you would need to. Good reason? We think so.
Learn More about Medicare Prescription Drug Coverage Get a Part D Quote
Can I Switch My Drug or MA plan outside of Open Enrollment?
The answer is maybe. If you haven’t moved out of your provider’s area, or your company did not mislead you, then the only way to switch your drug or Medicare Advantage Plan outside of Open Enrollment is if you find a Medicare 5-star rated plan. The tricky part is 5-star rated plans are like unicorns, people talk about them, but they are rarely seen. If you would like help finding a 5-star plan call our licensed independent insurance agents at 800-930-7956.
Additionally there is a Medicare Advantage Open Enrollment period from Jan 1st to – March 31st. During this time, if you’re in a Medicare Advantage Plan and want to change your health plan, you can do one of the following:
- Switch to a different Medicare Advantage Plan with or without drug coverage
- Go back to Original Medicare and, if needed, also join a Medicare Prescription Drug Plan
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