With the annual Medicare enrollment already underway, it’s time to update your healthcare plans, adjust your coverage, select new plans, or add services based on your current needs.
Here’s what you need to know about Medicare during this enrollment period and how you can make the most of this chance to find the right plan for your health and budget.
When is the annual Medicare open enrollment period?
The annual Medicare Open Enrollment Period runs from October 15 to December 7 each year.
During this time, Medicare beneficiaries can make changes to their healthcare and prescription drug plans. It's a key period for reviewing current coverage and deciding if adjustments are needed for the upcoming year.
Any changes made during this window take effect on January 1, providing updated benefits and services.
What changes can you make to your Medicare plan during this period?
During the annual Medicare Open Enrollment Period, you can:
Switch from Original Medicare (Parts A and B) to a Medicare Advantage Plan (Part C) or vice versa.
Change your Medicare Advantage plans if you want a different coverage or provider.
Join, drop, or change Medicare Part D prescription drug plans to suit your medication needs better, ensuring that you have the right coverage for the year ahead.
Switch to another private insurer.
Can you change your plan at other times of the year?
There are other opportunity windows where you can change your Medicare coverage outside the annual enrollment period.
For instance, during the Medicare Advantage Open Enrollment Period, from January 1 to March 31, those already enrolled in Medicare Advantage can switch plans or return to Original Medicare.
Special Enrollment Periods are also available for qualifying life events, like moving, losing current coverage, or gaining Medicaid eligibility.
How do you change your Medicare plan during the annual enrollment period?
If you want to change your Medicare plan during the Annual Enrollment Period, the first step is to review your current Medicare plan. You need to understand what’s covered and identify any gaps or issues you want to address.
Then, research other Medicare Advantage or Part D plans to find one that better suits your health and financial needs. You can also compare plans using the Medicare Plan Finder tool on the official Medicare website or by speaking with a Medicare representative.
Once you’ve chosen a plan, enrol directly through Medicare by calling 1-800-MEDICARE, applying online, or contacting the plan provider. As long as you complete all changes before December 7, they will take effect from January 1 of the following year.
Get expert Medicare guidance during this enrollment period
The annual enrollment period is an opportunity to make changes to your Medicare plan that are necessary to suit your lifestyle and budgetary needs better.
Let the experts at Premier One Financial Company guide you through the complexities of navigating Medicare plans this year.
Call us now to learn more.