Medicare open enrollment for 2022 will be here before you know it! If you are nearing retirement age, now is the time to start thinking about your options. In this blog post, we will discuss the dates and deadlines for open enrollment, as well as some of the changes that have been made for the upcoming year. Don’t wait until the last minute to make a decision – get started today!

Medicare Enrollments

Change Medicare plans

  • Medicare open enrollment (Oct. 15-Dec. 7)
  • Medicare Advantage open enrollment (Jan. 1-March 3)
  • Medicare Supplement guaranteed issue (qualifying circumstances)
  • Medicare special enrollment periods (qualifying circumstances)

If you’re signing up for Medicare for the first time, there are separate periods dedicated to initial enrollment and general enrollment.

Sign up for Medicare

  • Medicare initial enrollment (when you turn 65)
  • Medicare general enrollment (Jan. 1-March 31, with penalties)
  • Medicare special enrollment (anytime with a qualifying event)
  • Medicare Supplement open enrollment (when you turn 65)
CTA-The-Ultimate-Guide-to-Medicare-Terminology

Annual Election Period

(AEP) is the time each year when you can review your Medicare Advantage and Part D coverage for the upcoming year, and make changes if needed.

To have your new plan start on January first, you must enroll between October fifteenth and December seventh.

If you are happy with your current plan, you do not need to do anything during this time – your coverage will automatically renew.

However, it is still a good idea to review your plan documents and make sure that nothing has changed that would impact your coverage or costs.

If you decide to switch plans, you can do so during the AEP. You can also drop your Medicare Advantage plan and return it to Original Medicare during this time.

If you are enrolling in a Medicare Advantage or Part D plan for the first time, you can do so during the AEP.

You may also be able to enroll in a Medicare Supplement (Medigap) plan during this time, depending on your state of residence.

Medicare Open Enrollment

Medicare Advantage open enrollment happens every year from January 1 to March 3.

During this enrollment window, anyone already enrolled in Medicare Advantage can change their coverage, but you won’t have as many options as during the fall Medicare open enrollment period. The changes you make to your Medicare plan will start on the first day of the month after the insurer gets your request. For example, if your insurance company receives your change request in mid-February, your new plan will begin on March 1.

4 Questions to Ask During OEP

Participating in open enrollment is an important step to making sure that you have the health benefits you need for the upcoming year. When comparing plans, ask yourself:

  1. What new Medicare plans are available for 2022?
  2. Plan availability and the cost of Medicare change each year. We recommend that all enrollees review their options annually to compare rates and make sure they’re getting the best deal. If you want to keep the same coverage, your Annual Notice of Changes (ANOC) will tell you how your current plan is changing.
  3. Does your coverage match your medical needs?
  4. If your medical situation has changed, updating your policy can help you save money. When comparing plans, look at the total cost of health care and insurance. For example, if you expect to need significant medical care in the coming year, a more expensive Medicare Advantage plan with better coverage can help reduce your total health care spending.
  5. Do you want to change Medicare plan styles?
  6. If you’re unhappy with Original Medicare or Medicare Advantage, you can switch between the two during open enrollment. Medicare Advantage plans are becoming more popular because policies frequently include benefits for prescription drug coverage, dental, vision, hearing aids, and more.
  7. Do you have gaps in your prescription drug coverage?
  8. During open enrollment, you can switch to a policy that has better coverage for the medications you need. This can include changing companies to access a different drug formulary or changing plans to improve your benefits.
Medicare Advantage

3 Questions For Next Enrollment

Fewer people use this open enrollment period at the beginning of the year, but it’s still a risk-free chance for Medicare beneficiaries to change their Medicare Advantage plan. Those considering updating their coverage can ask themselves:

  1. Did you miss fall open enrollment. If you missed the December 7th deadline to change your plan. This is your chance to make those changes
  2. Are you getting the best deal. These charges change annually. So it is always good to check.
  3. Do you need to adjust your coverage to match your budget. If your health or financial circumstances have changed, changing your Medicare plan can help you get the coverage that works for your situation. You can lower your insurance bills with a $0 Medicare Advantage plan. Or, if you have ongoing health problems, improving your insurance coverage can help reduce your health care spending.

In closing, if you have any enrollment questions. Please give us a call we are always here to help.