If you are covered by Medicare, then you will want to know about the Medicare Advantage open enrollment period. This is a time when you can change your coverage for the upcoming year. There are many different plans available, so it is important to do your research and find the best option for you. In this blog post, we will discuss the different types of plans available and what you should consider when making your decision.
Who Can Use Medicare Advantage Open Enrollment Period?
If you are currently enrolled in Medicare, then you are eligible to use the Medicare Advantage open enrollment period. This is a time when you can switch your coverage from one plan to another. You may also be able to enroll in a new plan if you are not currently covered by Medicare. There are many different plans available, so it is important to do your research and find the best option for you. In this blog post, we will discuss the different types of plans available and what you should consider when making your decision.
What Are the Different Types of Plans Available?
There are many different types of Medicare Advantage plans available. The most common type of plan is a health maintenance organization (HMO). With an HMO, you will have a network of doctors and hospitals that you can use. You will also be required to use a primary care physician (PCP) for most of your medical needs. Other types of plans include preferred provider organizations (PPOs), private fee-for-service plans (PFFSs), and special needs plans (SNPs). Each type of plan has different benefits, so it is important to compare all of your options before making a decision.
What Should I Consider When Choosing a Plan?
There are many factors that you should consider when choosing a Medicare Advantage plan. The first thing you will want to do is look at the monthly premium. You will also want to consider the deductible, co-payments, and co-insurance. You will also want to look at the network of doctors and hospitals that are available with each plan. Another important factor to consider is whether or not the plan covers prescription drugs. Lastly, you will want to read the fine print and make sure that you understand all of the terms and conditions of the plan.
What Are the Dates of the Open Enrollment Period?
Open enrollment begins on January 1st and runs through to March 31st. During this time you can make several changes:
- Change like plans. Meaning switch from one HMO to another HMO or PPO to another PPO
- Drop your Medicare Advantage plan and go back to Original medicare
- Change your PDP plan to another PDP plan
- Or Enroll in a prescription drug plan when you go back to the Original Medicare
Can I Switch to a Medicare Supplement During the Open Enrollment Period?
No, you cannot switch to a Medicare supplement plan during the open enrollment period. You can only do so during the annual election period, which is from October 15th to December 7th. However, if you switched during that time to Original Medicare from an Advantage plan you could apply for a Medigap plan but you would be subject to underwriting.
How Do You Decide If You Need to Change Your Current Plan?
The best way to decide if you need to change your current plan is to sit down with your agent or broker and review your needs. You will want to take into account any changes in your health, medications, and income. You will also want to look at the plans available and see if there are any that better suit your needs. Once you have all of this information, you can make an informed decision about whether or not to change your plan.
Making the switch during the Medicare Advantage Open Enrollment period is a big decision. You will want to carefully consider all of your options before making a final decision. If you have any questions, please don’t hesitate to contact us. We would be happy to help you through the process and find the best plan for your needs. One thing to keep in mind. We are not married to any one carrier and will always put your needs first.