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The Medicare Advantage Open Enrollment Period (January 1 to March 31) lets people who already have Medicare Advantage plans change their coverage.
Who Can Use Medicare Advantage Open Enrollment
The Medicare Advantage Open Enrollment Period is for people who have Medicare Advantage plans and want to change their coverage. You can make changes to your coverage one time during this period.
If you are not yet signed up for a Medicare Advantage plan and would like to join one, do so during your Initial Enrollment Period, Special Enrollment Period, or during the Annual Enrollment Period. Annual Enrollment comes every fall from October 15 to December 7. During that time, if you are enrolled in Medicare Part A and Part B, you can sign up for a Medicare Advantage plan that services your area. That would also be the time when you could sign up for a Medicare Part D prescription drug plan if needed.
What You Can Do During Medicare Advantage Open Enrollment
During Medicare Advantage Open Enrollment, people with Medicare Advantage plans can switch to a different Medicare Advantage plan that provides coverage in their area. They could also decide to drop their Medicare Advantage plan and return to Original Medicare. If they were receiving prescription drug coverage through their Medicare Advantage plan and wanted to continue those benefits, they can sign up for a Medicare Part D plan once they have returned to Original Medicare, which is simply Medicare Part A and Part B.
If you decide to drop Medicare Advantage and return to Original Medicare, you may be able to sign up for a Medicare Supplement plan. If you were within the first 12 months of your first Medicare Advantage plan and are 65 or older, you will have that opportunity. Check with your local Social Security office to see if you qualify to apply for a Medicare Supplement.
When You Can Expect Coverage
Any changes you make to your coverage during Medicare Advantage Open Enrollment will be in effect the first day of the month after your new plan gets your request for coverage.
Choosing a Medicare Advantage Plan
When you are able to switch coverage, you need to find out what plans are available in your area. Decide which benefits you need from a plan and sort through the available options to find those that meet your needs. Then you can compare the plans by their pricing: deductibles, copayments, coinsurance, and premiums. Some Medicare Advantage plans charge low or even zero monthly premiums; keep in mind that you will continue to pay for Part A and Part B when you add this plan. If you need to further narrow your options down, you can look to the Medicare star ratings, which give each plan an overall rating and categorized score for things like customer service.
Insured for Life is here to help you find the Medicare Advantage plan that you need. When you are in the market and need some assistance, think of us first!
