If you’re like most people, you probably only think about Medicare when it’s time to sign up for coverage. But did you know that Medicare has an open enrollment period just like the private health insurance companies do? During this time, you can make changes to your coverage for the following year. Keep reading to learn more about what’s available during Medicare open enrollment and how to make the most of it!
Open Enrollment Through Medicare
The Medicare Open Enrollment Period is usually a good time to take a close look at your current Medicare coverage. Does it cover your prescriptions? Can you afford the plan’s costs? Is your favorite Medicare doctor part of the plan’s provider network?
The Medicare Fall Open Enrollment Period is different from most of the enrollment periods for Medicare Part A and Part B. The Medicare Open Enrollment Period lets you add, change, or drop Medicare Advantage plans or stand-alone Medicare Prescription Drug Plans. You can make certain other changes then, too.
It’s important to know that if you’re looking at a Medicare Advantage plan or Medicare prescription drug coverage, you generally can’t enroll, switch plans, or drop plans anytime you want. When you’re first eligible for Medicare, you can usually enroll in a Medicare Advantage plan or a stand-alone Medicare Part D Prescription Drug Plan. But once your Medicare Initial Enrollment Period is over, the Medicare Open Enrollment Period is your main chance to get one of these plans.
When Is Medicare Open Enrollment?
This year, Medicare Open Enrollment runs from October 15 to December 07. That means you have about seven weeks to decide whether to make changes to your coverage for next year.
What Can I Do During Medicare Open Enrollment?
During the Medicare Open Enrollment Period, you can:
- Sign up for Part A and/or Part B
- Switch from Original Medicare to a Medicare Advantage Plan
- Switch from a Medicare Advantage Plan back to the Original Medicare
- Join or switch Part D Prescription Drug Plans
- Drop your Part D Prescription Drug Plan
- Change how you get your Part A and/or Part B coverage
If you have a Medicare Advantage Plan, you can also:
- Choose to get your Part A and Part B coverage from a different Medicare Advantage Plan
- Switch to a different type of Medicare Advantage Plan, like a Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO)
- Join or switch to another Medicare Advantage Plan that offers prescription drug coverage
- Drop your Medicare Advantage Plan and return to Original Medicare
What Happens If I Miss Medicare Open Enrollment?
If you don’t sign up for a Medicare Advantage Plan or a stand-alone Part D Prescription Drug Plan during the Medicare Open Enrollment Period, you generally can’t get one of these plans later in the year unless you qualify for a Special Election Period.
A Special Election Period is a time when you can make changes to your Medicare Advantage Plan or stand-alone Part D Prescription Drug Plan outside of the Medicare Open Enrollment Period. You may be able to make a change to your plan if you move, lose other health coverage, get married, or have certain other life events.
When Can I Switch to a Supplemental Plan?
You can switch to a new Medigap policy at any time during the year. However, if you have Medicare Advantage, you will not be able to add or drop a Medigap policy unless you switch back to Original Medicare first.
If you are happy with your current coverage, there is no need to do anything during the Medicare Open Enrollment Period. Your coverage will automatically renew for next year.
Enroll in a 5 Star Plan
Medicare rates certain types of plans by assigning one through five stars, based on the information it collects from member satisfaction surveys, healthcare providers, and the plans themselves. Five stars are the highest rating.
You can typically get a Special Enrollment Period to sign up for (or switch to) a 5-star plan once between December 8 one year and November 30 the next year if one is available in your area. That’s a nearly yearlong window of opportunity every year.
The 5-star Special Enrollment Period applies to Medicare Advantage plans, stand-alone Medicare Part D Prescription Drug Plans, and Medicare Cost Plan.
If you are interested in finding out about Cost plans or 5-star plans available in your area. Please give us a call so we can help you out.